Gas Prices Set to Rise as Temperature and Supply Drop

Gas Prices Set to Rise as Temperature and Supply Drop

Natural gas prices in North America have been on a steady decline in recent months, fueled by high production in the US last year and a mild winter throughout the continent. However, now that the weather has taken a turn for the worse, severe temperatures on the East Coast are driving demand back up.

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Company News

Northwest Natural Gas Reports Q4 and Annual Profit

Northwest Natural Gas Company (NYSE:NWN) announced its Q4 and full year results for 2014, with net earnings coming to US$28.5 million in the fourth quarter and $58.7 million for the fiscal year.

Freeport-McMoRan Reports Production Test Results for Highlander

Freeport-McMoRan Inc. (NYSE:FCX) announced results of its production test at Freeport-McMoRan Oil & Gas’s (FM O&G) Highlander discovery, which indicated a flow rate of approximately 75 million cubic feet of natural gas per day. The project is located onshore in South Louisiana in the Inbound lower Tertiary/Cretaceous trend. As quoted in the press release: The production test, [...]

Santos Reports 2014 Full Year Results

Santos (ASX:STO) reported its 2014 full year results, announcing a net profit of $533 million, a six per cent increase on 2013 and a net loss of $925 million due to frozen recruitment and payrises.

Ivanhoe Energy Could Face Bankruptcy

Ivanhoe Energy Inc. (TSX:IE) announced that it is seeking protection under the Bankruptcy and Insolvency Act (BIA) by filing a notice of intention to make a proposal and may be facing bankruptcy as a result of the company's current financial situation.

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Market News

Netherlands Lower Gas Production Cap for 2015

Economy Watch reported that gas prices will continue to increase in Europe after the Netherlands announced its decision to reduce its production cap for the first half of the year. The decision to cut down production from the gas field in Groningen is reportedly due to environmental and safety hazards. Cutting back to will prevent [...]

US Supply Falls Lower Than Expected, Price Drops

The US Energy Information Administration reported that the country's natural gas supply for the week ending February 20 has declined by 219 billion cubic feet from the previous week.

BC Introduces New LNG Development Legislation

The government of British Columbia announced that new legislation regarding "the construction, operations and permitting of LNG development on federal port lands" has been introduced into the province's legislature.

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