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Natural Gas Prices Spike On Colder Weather

Natural Gas

Markets

OPEC+ production is still lagging, but a new S&P Platts survey shows OPEC+’s December production was up 310,000 bpd, which is more than Reuters’ figures. Of that, OPEC’s production was up 190,000 bpd of its 235,000 share, and OPEC’s allies' production was up 120,000 bpd. Most of the production increases were from Venezuela, Kazakhstan, Saudi Arabia, Iraq, and Angola.

Iraq says it can increase its oil exports by as much as 250,000 bpd starting in Q2, to 3.45 million bpd, after it finishes the installation of pumping stations at its Gulf Ports. The work on the pumping stations began in 2020 but was delayed from the pandemic.

Natural gas futures jumped 14% on Wednesday, with February futures up 30% since the start of the year as cold weather hit the East Coast and forecasters predict that the colder weather is here to stay. Weather is king, and frigid temps are set to hit the United States on Friday. The last two weeks of the month are also set to be particularly cold. This has led to a scrambling of short coverings.

The newly elected Czech Republic government plans to create conditions for a phase-out of coal mining by 2033. The nation’s coal commission had previously recommended a 2038 phase-out date.

Deals & Discovery

Eni received 5 exploration offshore and onshore licenses from Egypt, four of which it will be an operator for. Eni’s new licenses cover 8,410 km2 and are in proved petroleum systems. Eni produces 350,000 boepd…





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