Natural Gas News – January 4, 2019

Natural Gas News – January 4, 2019

Unplanned Work Cuts Up to 50% of Natural Gas Storage at Some French Storengy Sites

S&P Global reported: Several Storengy operated French natural gas storage facilities were hit by a unplanned maintenance Friday, with several facilities to face as much as a 50% reduction in their storage volumes, Storengy said. The storage facilities Serene Sud, Serene Littoral, Serene Nord and Sediane Nord were all hit by the work and will have a 25%-50%, daily restriction Storengy said. Serene Sud and Serene Littoral volumes will be reduced by 50% over January 7-31 and by 25% February 1- March 31. “The impact is mainly in January — 0.6 Bcm for January is missing,” a European gas trader said. The period affected is January 7- March 31, the storage operator said. Several causes were cited as the causes of the capacity reductions. For more on this story visit spglobal.com or click https://bit.ly/2SCgbDZ

Oil and Gas Business Activity Plunges, Outlook Turns Negative: Dallas Fed Survey

CNBC reports: Oil and gas business activity in Texas and neighboring states plunged in the fourth quarter, according to the Dallas Federal Reserve. The survey from the Fed’s 11th District also showed company sentiment turned negative for the first time in nearly two years and executives don’t expect much of an oil price recovery in 2019. The insight is from the Dallas Fed’s latest quarterly Energy Survey, which comes on the heels of a nearly 40 percent plunge in U.S. crude oil prices to about $45 a barrel in the final quarter of 2018. The oil market has been hammered by fears of growing oversupply and slowing economic growth that could weigh on fuel demand. One of the key findings in the survey shows that oil executives think U.S. crude prices will end 2019 at $59.97 on average. That would mark a fairly moderate recovery — U.S. trade in crude ended Thursday at $47.09. For more on this story visit cnbc.com or click https://cnb.cx/2GVN9O5

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