Natural Gas News – May 8, 2019
Natural Gas News – May 8, 2019
Saudi Arabia’s Grand Natural Gas And Electricity Strategy
Forbes reported: When we think of Saudi Arabia, we automatically think of oil. As the linchpin of OPEC, a “cartel” that accounts for 40% of the world’s supply, Saudi Arabia continues to have far more influence on global petroleum prices than some want to admit. Tied with Russia, Saudi Arabia accounts for 13% of the world’s oil exports. But for a variety of strategic reasons, The Kingdom has wisely expanded energy goals, namely into the natural gas, nuclear, and renewable sectors. This makes perfect sense: for example, natural gas is the world’s go-to fuel, to lower greenhouse gas emissions and backup intermittent wind and solar power. Quietly, a 45% gain over the past 20 years, Saudi Arabia’s proven gas reserves have ballooned to nearly 300 Tcf, which is just a little less than what the U.S. has as easily the world’s largest gas producer. For more on this story visit forbes.com or click https://bit.ly/2H9fkXX
US EIA expects natural gas storage near five-year average, lowers expected Q2 production
S&P Global reported: After a warmer than- normal April across much of the US trimmed the use of natural gas for space heating, the US Energy Information Administration on Tuesday forecast that gas storage inventories will about equal the five-year average at the end of October. In the prior month, the agency expected that inventories would finish the April -to-October injection season 1% below the five-year average, but April turned out to be the second-warmest April in 23 years. “EIA estimates that relatively warm temperatures, combined with ongoing increases in natural gas production, contributed to the largest injection of natural gas into US working storage in April based on historical data going back to 1976,” the agency said in its May Short-Term Energy Outlook. Amid growing production, EIA forecast that injections will outpace the previous five-year average from April through October, allowing inventories to reach 3.7 Tcf at the end of October, 15% above October 2018 levels. For more on this story visit spglobal.com or click https://bit.ly/2PTe4er
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