Natural Gas News – November 17, 2022
Natural Gas News – November 17, 2022
Eight Years of Oil and Gas Supply Within Touching Distance of North Sea
Britain’s North Sea has over eight billion barrels worth of untapped oil and gas reserves within 45km of existing North Sea infrastructure, a new report from the offshore energy trade body has estimated. Timed just ahead of what is expected to be an increase in the windfall tax on North Sea oil and gas producers in the chancellor’s Autumn Statement, Offshore Energies (OEUK) added that the reserves are roughly eight times the UK’s annual consumption of oil and gas. Mark Wilson, OEUK’s safety director, said: “With the right support, exploration activity in the UK can play a critical role, ensuring the UK can meet domestic demand, deliver energy security and become an enabler for the energy transition. “Pursuing these resources is critical to a managed and homegrown transition to cleaner energies, preventing a… For more info go to https://bit.ly/3EGhiwG
U.S. Natural Gas Futures Gain 3% Ahead of Storage Report
U.S. natural gas futures edged up about 3% to a one-week high on Thursday as forecasts continued to call for colder weather and higher heating demand next week. Prices increased despite forecasts for warmer weather and lower heating demand in two weeks than previously expected and a federal storage report expected to show a much bigger-than-usual storage build last week when the weather was still mild and heating demand low. Analysts forecast U.S. utilities added 63 billion cubic feet (bcf) of gas to storage during the week ended Nov. 11. That compares with an increase of 23 bcf in the same week last year and a five-year (2017-2021) average decline of 5 bcf. If correct, last week’s increase would push stockpiles to 3.643 trillion cubic feet (tcf), or 0.2% below the five-year average of… For more info go to https://yhoo.it/3Efb3yn
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