Natural Gas News – March 1, 2019

Natural Gas News – March 1, 2019

ExxonMobil Makes Natural Gas Discovery Offshore Cyprus

Oil and Gas Journal reported : ExxonMobil Corp. announced a natural gas discovery offshore Cyprus in the Eastern Mediterranean on Block 10. The Glaucus-1 well cut 436 ft of reservoir rock. Evaluation of the potential of Block 10 continues. The well was drilled to 13,780 ft in 6,769 ft of water. ExxonMobil said preliminary interpretation of the well data indicates gas resources of 5-8 tcf although additional analysis will determine resource potential. Glaucus-1 was the second well drilled on Block 10. The first well, Delphyne-1, did not encounter commercial quantities of hydrocarbons. “These are encouraging results in a frontier exploration area,” said Steve Greenlee, president of ExxonMobil Exploration Co. Block 10 covers 635,554 acres. ExxonMobil Exploration & Production Cyprus (Offshore) Ltd. operates the block with 60% interest. Qatar Petroleum International Upstream holds the remaining interest. For more on this story visit ogj.com or click https://bit.ly/2HbGOMP

Wagers For $3 Natural Gas Get Trickier Amid Mixed Weather Forecasts

Investing reports: With the window for winter closing in three weeks, natural gas bulls are hoping for another run toward the $3 pricing mark. But while a final burst of cold is forecast before the official start of spring on March 20, it might be much too little too late to tip the market over that target. Dominick Chirichella, director of risk and trading at the Energy Management Institute in New York, is among those analysts who see limited upside for gas-driven heating demand and pricing through March. In an outlook written for Friday’s market, Chirichella said: “The next few weeks are likely to experience colder-than-normal temperatures across the main Nat Gas consuming regions of the country and will result in above-normal withdrawals from inventory.” For more on this story visit investing.com or click https://bit.ly/2IH8XxF

 

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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.

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