Most Canadians who pay for natural gas or electricity can expect their bills to rise by between 50 and 100 per cent on average this winter, according to one energy analyst.
TORONTO - Ontario plans to secure more natural gas generation in order to fuel an expected surge in demand for electricity, the energy minister said Friday, the latest announcement in what critics...
European natural gas prices surged on Monday after Russia’s stateowned energy giant Gazprom said it would shut down Europe’s single biggest piece of gas infrastructure for three days from the end of the month.
A confluence of entrenched domestic demand, mounting calls for U.S.exports of LNG and modest production growth – all factors forecast to endure – propelled natural gas futures above $9.00/MMBtu in August and could keep upward pressure on prices for years.
Europe’s descent into an economic contraction looks to have been confirmed with Russia squeezing natural gas supplies to the bloc and heavy industry facing tough rationing in the coming months.
Natural gas prices are surging around the world as scorching temperatures stoke demand for the fuel, and as Europe’s push to move away from Russian fuel roils global energy markets.
Ontario’s electricity system is searching for more power producers as demand rises and a major nuclear plant nears retirement, a process likely to secure more natural gas generation while the government seeks to end reliance on it.
One morning in early June, a fire broke out at an obscure facility in Texas that takes natural gas from US shale basins, chills it into a liquid and ships it overseas. It was extinguished in 40 minutes or so. No one was injured. It sounds like a story for the local press.
Natural gas customers in Ottawa and other parts of Ontario may be in for a shock next time they receive their bill after a rate hike took effect Friday.
Natural gas futures have hit an 13-year high on higher temperatures to come in the next week combined with lower production levels. On Monday, Henry Hub natural gas futures were up nearly 10% at a 13-year high.
On Wednesday, natural gas prices moved higher after three days in the red. According to the National Oceanic Atmospheric Administration, the weather is expected to be warmer than normal during the next 6-10 days and 8-14 in the South.
U.S. benchmark natural gas prices jumped to above $9 per million British thermal units (MMBtu) early on Wednesday, driven by high LNG exports, warmer weather, and volatile trade ahead of the prompt-month contract expiry.
Record LNG exports and unseasonably high demand for electricity have combined in recent weeks to push U.S. gas prices considerably higher than they normally are at this time of the year. And this may only be the beginning.
Electricite de France (OTCPK:ECIFF) cut the company’s nuclear power production guidance for the fourth time this year, reducing 2022 targets from 305TWh (midpoint) to 290TWh (midpoint).
Following a loss last week, natural gas futures bounced back on Monday as traders mulled reports of robust power burns and lighter production. The June Nymex contract gained 29.3 cents day/day and settled at $7.956/MMBtu. July rose 28.8 cents to $8.053.
Henry Hub prices are forecast to average $7.83 for the second quarter after averaging $6.59 for April, EIA said in the May edition of its Short-Term Energy Outlook, published Tuesday. The April 2022 Henry Hub average represented a whopping $4.90 increase over the April 2021 average of $2.66, the agency said.
European natural gas prices jumped after Ukraine’s state-owned grid operator suspended Russian flows through a key entry point. Gas TSO of Ukraine on Tuesday announced force majeure – unforeseeable circumstances that prevent the fulfilment of a contract – the first declaration of its kind since Russia invaded Ukraine on Feb. 24.
Ontario has some of the world’s cleanest electricity. Over the next two decades, greenhouse gas (GHG) emissions from Ontario’s energy grid are set to skyrocket more than 400 per cent as the province cranks up the dial on its underused fleet of natural gas plants.
Natural gas forward prices made huge leaps during the period ending May 4 as production struggled to grow beyond recent levels and heat began to intensify in parts of the country.
Manitobans who get natural gas from Centra Gas will see a 20.5 per cent hike on their bills starting May 1 after the Public Utilities Board approved a rate increase due to rising natural gas prices.
U.S. natural gas is on a tear. Prices have almost doubled this year to the highest since the shale revolution more than a decade ago, driving up energy costs and helping fuel the fastest inflation in 40 years.
Natural gas prices are at a 13-year high today. To all the bears who were calling for natural gas prices to go lower following the winter, they’re still missing the point. Truthfully, we missed this precise point last year when we made bearish calls on natural gas only to reverse course later.
Canada’s municipal water systems are facing challenges that will only intensify as systems age, populations grow, regulatory requirements become more stringent and the effects of climate change overburden stormwater systems.
Coming off a 32.0-cent rally in the previous session, the May Nymex contract was up another 34.5 cents to $6.377/MMBtu at around 8:45 a.m. ET. Bespoke Weather Services characterized recent price action as a call on supply, pointing to data as of Tuesday showing a decline in domestic production.
Supply adequacy fears amid continued signs of underwhelming domestic output, amplified by ongoing geopolitical nxieties, helped natural gas bulls confidently rally futures above the psychological $6.00 threshold Tuesday.
The U.S. is shipping more natural gas than ever overseas, which is keeping domestic inventories lean and power prices high. Natural-gas prices usually decline into spring, when heating demand drops but before air-conditioning season begins.
Consumers battered by sky-high gasoline prices shouldn’t expect relief from the oil industry anytime soon. Many oil and gas executives say they have little interest in increasing oil production — even at crude’s near-record prices, which make extraction very profitable for their companies.
U.S. President Joe Biden and European Commission President Ursula von der Leyen announced the formation of a joint task force to bolster energy security for Ukraine and the EU for next winter and the following one.
Natural gas prices advanced for a second day, as traders on Tuesday absorbed a favorable shift in weather forecasts and record demand for U.S. liquefied natural gas (LNG) exports. The April Nymex gas futures contract gained 28.7 cents day/day and settled at $5.187/MMBtu. May rose 29.3 cents to $5.227.
With the pandemic recovery well underway, IESO forecasts show a steady average growth in electricity demand. This trend toward increasing demand is driven by a number of factors – all reflecting positive progress in economic growth and decarbonization.
Natural gas futures rallied a second day, as traders absorbed a bullish government inventory report and the potential for vulnerable global supplies should the war in Ukraine drag on and the coming summer prove exceptionally hot.
Europe may have dodged the bullet of gas outages for this winter, but surging prices for natural gas in Europe is quickly becoming a worrisome signal for the EU economy. The front month gas price at the Dutch TTF hub
Brent crude futures, the global benchmark, jumped nearly 9% to $113.65 per barrel, the highest level since 2014. US oil futures also gained more than 8% to trade at $112.25 per barrel.
Global liquefied natural gas demand is set to surge by 90 percent by 2040 compared to 2021 to exceed 700 million tons annually in two decades, as LNG and gas will continue to play an important role in energy supply, Shell, one of the top LNG traders, said in its annual industry outlook on Monday.
Oil prices are soaring and nothing appears to be stopping their ascent. December to January saw international benchmark Brent crude climb by roughly $11 a barrel, and it’s gone up nearly the same amount since the start of February, underpinned by supply concerns, rising inflation and geopolitical tensions.
Natural gas prices rebounded sharply, increasing nearly 5% as concern over natural gas in Europe buoyed the U.S. Markets. Prices should be capped by local demand as the weather is expected to be warmer than normal throughout most of the United States for the next 2-weeks. LNG exports are on the rise according to
European electricity prices jumped after the region’s biggest power producer cut its nuclear output target for a second time in a month, the latest sign that this winter’s energy crisis is far from over. Electricite de France SA said its nuclear production could fall this year to levels not seen since 1990,
Liquefied natural gas (LNG) production outages broke records last year and combined with upstream underperformance to limit supplies and tighten the global market in a way that could worsen over the coming years, the International Energy Agency said Monday. The total LNG volume lost to planned or unplanned outages was 53 billion cubic meters (Bcm)
HOUSTON, Jan 28 (Reuters) - High global natural gas prices are breaking a two-year logjam of new U.S. liquefied natural gas (LNG) projects with at least three of the multibillion-dollar proposals likely achieving enough supply contracts to start construction this year, said developers and industry experts.
Natural gas prices are trading higher during the pre-market session early Monday, putting the market in a position to test the November 26 top at $5.088 and a key technical area at $5.094. Both should be considered trigger points for a further acceleration to the upside. The daily chart indicates the market has room to run with near-term targets lined up at $5.468, $5.821 and $6.132.
On Jan. 19, there was a spill of heavy water onto the floor of Unit 1 at Bruce A. Crews were completing maintenance on a moderator tank and a valve did not fully close as expected, resulting in the spill which was contained and fully collected within the powerhouse as designed. The spill was stopped immediately and the unit was taken offline.
Forecasts of frigid temperatures later this month sent U.S. natural gas prices surging in the middle of last week to above $4.85 per million British thermal units (MMBtu)—the highest level since November. If the cold snap expected over the next two weeks holds and forecasts for additional Arctic
U.S. natural gas futures surged more than 14% on Wednesday as temperatures drop and forecasts call for more winter weather ahead. The contract for February delivery advanced 14.3% to settle at $4.857 per million British thermal units, hitting the highest level since November.
Rising fuel costs, especially those of natural gas, drove up wholesale electricity prices in all U.S. regions in 2021, the Energy Information Administration (EIA) said in an analysis on Friday. Average wholesale prices for electricity at all major trading hubs in the United States were higher in 2021 than in 2020
LONDON — Europe is facing continued volatility in its wholesale gas markets, prompting concerns across the region that an energy crisis could be about to get even worse.The front-month gas price at the Dutch TTF hub, a European benchmark for natural gas trading, was around 5% higher by 1 p.m. London time on Wednesday, with the price reaching 93.3 euros per megawatt-hour.
The Biden administration on Friday proposed reforms to the country’s oil and gas leasing program that would raise costs for energy companies to drill on public lands and water.The long-anticipated report stopped short of recommending an end to oil and gas leasing on public lands and did not indicate that the administration would take climate change impact into account when approving new leases.
WASHINGTON - In its October Short-Term Energy Outlook, the U.S. Energy Information Administration forecasts that natural gas spot prices at the U.S. benchmark Henry Hub will average $5.67 per million British thermal units (MMBtu) between October and March, the highest winter price since 2007–2008.
When you open your January home-heating bill and reach for the smelling salts, don’t blame the Alberta natural gas producers who supply Central Canada. Simply put, there isn’t enough natural gas worldwide to match the surge in demand from the unprecedented reboot of the global economy, and to keep our homes warm this winter.
An acute energy crisis is making its presence felt in North America as consumers are finally starting to feel the pinch of much higher prices to fill up their cars and heat their homes. The average retail price of gasoline in Canada hit $1.45 a litre on Wednesday, according to data compiled by retail analytics firm Kalibrate.
This winter, the world will be fighting over something that’s invisible, yet rarely so vital—and in alarmingly shorter supply. Nations are more reliant than ever on natural gas to heat homes and power industries amid efforts to quit coal and increase the use of cleaner energy sources.
China and Asia are winning the bidding war for natural gas supplies as the northern hemisphere goes into the winter season with woefully low inventories and recovering demand after the pandemic. Just as natural gas prices surged to records in Europe and Asia, commodity-hungry China secured this week a major long-term liquefied natural gas (LNG) supply deal with top exporter Qatar.
SINGAPORE, Oct 1 (Reuters) - Chinese buyers are seeking more liquefied natural gas (LNG) cargoes despite record prices, bidding above market rates as the winter season starts with the country's gas inventory low, several trade sources told Reuters.
There is a real energy crisis in Europe that was created by a combination of political missteps, climate change fear-mongering and a woke energy policy that could leave much of Europe and Asia undersupplied as they head into winter.
Prices for natural gas, the most common way to heat homes and a leading fuel source for generating electricity, have surged more than 180% over the past 12 months to $5.90 per million British thermal units. Natural gas hasn't been this expensive since February 2014.
With North American natural gas prices soaring to heights not seen in years, Canadians can expect to pay significantly more to heat their homes this winter. While natural gas prices in Canada and the U.S. have not hit the record levels being experienced right now in Europe and Britain
Citigroup Inc. more than doubled its Asian and European natural gas forecasts for next quarter and said prices could surge to as high as US$100 per million British thermal units in the event of a particularly cold winter.
LONDON, Sept 22 (Reuters) – Global record high natural gas prices are pushing some energy-intensive companies to curtail production in a trend that is adding to disruptions to global supply chains in some sectors such as food and could result in higher costs being passed on to their customers.
TORONTO -- Ontario is forecast to be hit with an early arrival of winter weather this year that will bring cold and snowy conditions to the province. The Weather Network released their fall forecast for Canada on Tuesday, which predicts temperatures will be remain warmer-than-normal through the heart of the fall season.
Speak with one of our Energy Specialists today to find out more about our Cancel Anytime “Peace of Mind” gas program.
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