Natural Gas News – October 21, 2022
Natural Gas News – October 21, 2022
Biden taps oil reserve in an attempt to curb gas prices
President Biden announced on Wednesday that he is authorizing the release of more oil from the Strategic Petroleum Reserve in December in an effort to bring down gas prices. Why it matters: The move comes at the close of a campaign season in which high gas prices — while far lower than their June peak — put Dems in political jeopardy. What we’re watching: The administration is calling on the Department of Energy to be ready to move forward with additional significant SPR sales this winter if needed due to Russian or other actions disrupting global markets. Driving the news: 15 million barrels will be released in December as part of the 180 million barrels the administration had announced earlier this year, according to officials. “I’ve told my team behind me here to be prepared to look for further releases in the …
China To Stop Reselling LNG To Europe
A major Nigerian energy company says it cannot deliver natural gas as promised in its contracts after deadly flooding hindered its operations, raising concerns about whether Africa’s largest economy can meet increased local and international demands during an energy crisis provoked by Russia’s war in Ukraine. Nigeria LNG Limited, or NLNG, declared a “force majeure” this week, meaning it is unable to fulfill its contractual obligations to supply the fuel used around the world to generate electricity, heat homes, and run factories after flooding led to a “significant disruption of gas supply.” About 3.8% of global monthly supply could be affected, risking higher prices, Rystad Energy said. Andy Odeh, spokesman for NLNG, said Thursday that the company’s plant is “still in operation though at…
This article is part of Daily Natural Gas Newsletter
Tagged:
MARKET CONDITION REPORT - DISCLAIMER
The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.
