Natural Gas Futures

UBS raised its fourth-quarter Dutch TTF gas price forecast to €75 per megawatt-hour from €62 previously, citing major disruptions to Middle Eastern liquefied natural gas exports. In an October 5 report, the bank said Middle Eastern LNG supply fell by approximately 60 billion cubic metres between March and September, while additional production elsewhere contributed nearly 40 bcm, including 17 bcm from the United States. Asian LNG imports dropped around 9 bcm year-on-year and European imports fell approximately 10 bcm, cushioning the price impact. UBS also lifted its 2027 forecast to €45 from €40, reflecting slower recovery in Qatari LNG exports and continued European efforts to phase out Russian gas. European gas storage remains roughly 15% below seasonal averages, with inventories expected to enter winter at 74% capacity and decline to approximately 25% by spring, and the bank estimates Europe could need around 27 bcm more LNG during winter than in this year's summer months. Under a prolonged disruption with colder weather, UBS sees fourth-quarter TTF prices averaging €90/MWh with potential peaks near €120/MWh, while faster Qatari recovery and milder temperatures could bring prices towards €50/MWh.

TotalEnergies has agreed a 15 year digital drilling and engineering contract with SLB covering global upstream projects, while separately taking final investment decision on full field development of the Absheron gas and condensate field in Azerbaijan. The SLB agreement introduces integrated digital well planning tools intended to centralise data and support drilling decisions across TotalEnergies' portfolio. The Absheron project is designed around automation and lower emission infrastructure to support regional gas supply and energy transition goals, with a targeted 2029 start up and four subsea wells plus an onshore plant to be delivered. Investors are told to watch project updates between now and that start up, including capex guidance and disclosures on how widely the SLB DrillPlan system is used across the wider upstream portfolio. The article frames both moves as reinforcing TotalEnergies' existing push into gas and power and its focus on digitalisation, rather than as a rewrite of the investment narrative.

Reuters reported, citing inside sources, that senior US and Russian officials, including Jared Kushner, the US special envoy, have opened talks on the possibility of bringing a group of American investors into the Nord Stream pipeline project, which was once the main pipeline carrying natural gas to Germany before Russia launched its war of aggression against Ukraine. Among the key figures taking part in the talks were Kirill Dmitriev, a close adviser to President Vladimir Putin, and Kushner, the son-in-law of President Donald Trump, who sees creating business interests as central to restoring peace, and the deal would open the way for American investors to profit from energy deliveries to Europe once the war ends. Over the past few weeks, Dmitriev and Kushner have met in both Moscow and New York. Although it remains unclear how much detail on Nord Stream was discussed, sources confirmed the issue is on the negotiating agenda. White House officials said that any agreement would require Russia to negotiate jointly with the DFC and the US Treasury, and that any deal must benefit American taxpayers and businesses, but added that there had been no discussions about Nord Stream in the recent period. Meanwhile, one US official assessed that such a deal is unlikely in the medium term, because Nord Stream's pipeline infrastructure remains under US and European Union sanctions, making the restart of the pipeline an illegal act. At the same time, Germany and its European allies, which are pouring billions of euros into rebuilding and strengthening their military capabilities to defend against the threat from Russia, would fiercely oppose reviving the Nord Stream pipeline. A female spokesperson for Germany's Ministry of Economic Affairs and Energy stated that both the Nord Stream pipeline and Russian natural gas are subject to European sanctions, and that Germany has already secured alternative energy sources as replacements, stressing that restarting the pipeline would require approval from the German government, which has no intention or policy of granting it.

Tropical Storm Isaias formed in the Gulf of Mexico yesterday and is expected to strengthen into a hurricane before making landfall in the southern United States on the morning of Saturday, October 10, according to the U.S. National Hurricane Center. Michael Brennan, director of the center, said Isaias could strengthen into a Category 3 hurricane or higher when it makes landfall, and could bring storm surge, flooding from heavy rain, and life-threatening hurricane-force winds. Meanwhile, about 25% of oil production in the Gulf of Mexico, or 511,619 barrels per day, has been shut in. The Bureau of Ocean Energy Management said personnel have been evacuated from 8 production platforms and 2 offshore operating units. Natural gas production has been shut in by more than 350 million cubic feet per day, or about 16.4% of total output. Earth Science Associates, a consulting firm, expects Gulf of Mexico oil production to lose about 11.2 million barrels over the course of the storm, a sharp increase from the 7.1 million barrels affected by Tropical Storm Bertha in July. The U.S. National Hurricane Center said Isaias would be the first hurricane of the Atlantic season if it strengthens as expected, and could set a record as the latest-forming first hurricane of a season. The companies most at risk of being affected include BP, Chevron, Eni, Murphy Oil, and Shell.

Oil producers in the Gulf of Mexico have begun evacuating workers and shutting in production ahead of Tropical Storm Isaias, which is expected to strengthen into a hurricane today. The U.S. Bureau of Safety and Environmental Enforcement said that as of 12:30 p.m. Eastern Time on Wednesday, October 7, roughly 511,619 barrels per day of U.S. offshore oil production, or 25% of all offshore output, had been shut in, while about 350 million cubic feet per day of natural gas production, or 16% of total U.S. Gulf of Mexico output, was also halted. Chevron began shutting in production at four operated platforms in the Gulf of Mexico and evacuated all associated personnel, while output from its five other platforms in the region remained at normal levels. Shell evacuated all workers and shut in production at the Mars, Olympus, Ursa, Vito and Appomattox platforms, and BP said it was gradually removing non-essential personnel from the area while carrying out safety measures for its offshore platforms. Kristalina Georgieva, Managing Director of the International Monetary Fund, warned in Singapore that "winter is coming" for the global economy, as turmoil in the bond market pushed U.K. government borrowing costs to their highest level in 28 years. She said energy prices are likely to remain elevated for some time, with Brent crude futures reflecting market expectations that oil prices will stay high through 2027. The IMF and the World Bank Group will hold their 2026 annual meetings in Bangkok from October 12 to 18, with the IMF due to release its October World Economic Outlook on Tuesday, October 13, at 9:00 a.m. under the theme "Resilience under Strain, Urgent Choices." Meanwhile, Mohammad Akraminia, a spokesman for Iran's military, told the Fars news agency that if necessary Iran will carry out military operations with a pre-emptive strike to prevent aggression by its enemies, stressing that Iran has shifted its military doctrine from a defensive posture to an offensive one.

Shell said Wednesday it expects about $300M in third-quarter upstream exploration well write-offs, alongside higher integrated gas production and refining margins. Upstream production is forecast at 1.735 million to 1.835 million barrels of oil equivalent a day, while integrated gas production is expected to rise to 740,000-780,000 boe/d and LNG liquefaction volumes are forecast at 7.2-7.6 million tonnes. In the second quarter, the European oil and gas major produced 631,000 boed, compared with over 900,000 boed before the US and Israel started a war on Iran in February. Shell's indicative refining margin is expected to rise to $42 a barrel in Q3'26 from $24 a barrel in Q2'26, with Trading & Optimisation expected to remain in line with the previous quarter. The update follows CEO Wael Sawan's Tuesday remark that oil flows from the Middle East have rebounded to roughly 80% of pre-war volumes, and last month's agreement to farm into two BP offshore exploration projects, taking a 30% interest in BP's Conifer prospect in the U.S. Gulf and a 50% stake in the Tupinamba block in Brazil's Santos Basin, with financial terms not disclosed.

Gulf Development Public Company Limited, or GULF, announced the signing of a new LNG purchase and sale agreement with ADNOC to supply liquefied natural gas, strengthening GULF's LNG portfolio. Under the deal, ADNOC will deliver a total of nearly 2 million tonnes of LNG to GULF, with deliveries beginning in 2027. The agreement builds on cooperation between ADNOC and GULF under a deal signed in 2025 and aligns with ADNOC's strategy of expanding into LNG markets in Asia. Sarath Ratanavadi, Chief Executive Officer of GULF, said the agreement supports Gulf Resources' goal of building a diversified and reliable LNG portfolio as the core of its trading business while opening up further trading opportunities in Asian markets. Nasser Al Muhairi, Acting Chief Executive Officer of the Downstream, Marketing and Trading business at ADNOC Group, said the deal builds on the first agreement signed with GULF and underscores ADNOC's commitment to energy security for partners in Asia.

US liquefied natural gas projects risk losing their competitive edge as domestic natural gas prices continue to climb, Fulcrum LNG CEO Jesus Bronchalo said Tuesday during a panel discussion at Rice University's Baker Institute. Bronchalo said natural gas prices are expected to rise further in the US, which is already among the most expensive locations globally for LNG production, warning that Henry Hub will reach a point where it becomes too expensive and US supply is no longer competitive. At the same conference, Joshua Lubarsky, president of maritime firm Seapath Group, noted that while the US ranks among the world's highest-cost LNG producers, its gas price dynamics provide a stability that appeals to buyers. Julie Mayo, general counsel at Sempra Infrastructure, said the financing structure for US LNG projects is shifting toward greater reliance on private equity backed by government sovereign wealth funds, pointing to Sempra's use of private equity for expansion as an example of the move away from traditional external loans. Sempra ranks among the largest US LNG exporters through its Cameron LNG facility and its Port Arthur development.

Venture Global Inc is in preliminary discussions to supply liquefied natural gas to additional Chinese buyers, according to Bloomberg reporting citing people familiar with the matter. The early-stage talks involve long-term contracts with at least three Chinese importers, including state-owned PetroChina Co., which is eyeing annual deliveries exceeding 1 million tons from Venture Global's Louisiana export facilities. The discussions build on a rare long-term supply agreement signed last month for deliveries beginning in 2030, signaling a potential thaw in Chinese demand for American energy despite ongoing trade friction. The push for diversification follows disruptions to Middle Eastern shipments from the war in Iran, which has constrained tanker traffic through the Strait of Hormuz and forced Qatar, which accounted for nearly 30% of Chinese LNG imports last year, to shut down a key export facility. Shares of the Arlington, Virginia-based exporter rose around 2% in Tuesday trading following news of the negotiations.

Robinson Energy Limited has received an offer from Papua New Guinea's Minister for Petroleum, the Hon. Jimmy Maladina, for the grant of Petroleum Retention Licence 68 covering the Triceratops gas and condensate discovery in Gulf Province. The Grant Offer, dated October 2, 2026 and served on the company by the National Petroleum Authority on October 5, 2026, covers the area formerly held as PRL 39, which lapsed on July 6, 2026, and would give Robinson a 100% interest for an initial five-year term. The licence comprises nine graticular blocks and contemplates a work program with expenditures of US$52 million over the term, including a minimum of one appraisal well in the fourth year. Three wells on the Triceratops structure have flowed gas to surface: Bwata-1, drilled by BP in 1959, at up to 28 MMcf/d; Triceratops-2, drilled by InterOil in 2012, at 27 MMcf/d; and Triceratops-3, drilled by InterOil in 2015, at 17.1 MMcf/d with 200 bbl/d of condensate. GLJ Petroleum Consultants estimated gross unrisked best estimate 2C contingent resources of approximately 352 Bcfe for Triceratops in an evaluation effective December 31, 2015, a historical estimate Robinson is not treating as current. Robinson's plan is to tie Triceratops back to the Papua LNG system, pursuing third party access for up to 50 MMcf/d of gas, though no access agreement has been reached with the operator of the Papua LNG project.

JD Vance, the US vice president, has confirmed that the liquefied natural gas project in Alaska will move forward, even though several details still need to be discussed with South Korea. Speaking to reporters on Monday, October 5, he said the project will happen because the market has a high level of demand for natural gas from the United States. Earlier, President Donald Trump announced last week that South Korea will invest 200 billion dollars in various US projects, including the natural gas pipeline project in Alaska, though no final conclusion has been reached. Meanwhile, Lee Hyung-il, South Korea's finance minister, told parliament on Tuesday, October 6, that the government will begin reviewing investment in the project to assess its commercial viability. Kim Jong-kwan, South Korea's industry minister, told another parliamentary committee that commercial viability is a key condition of the project, but the project also has strategic importance given energy supply disruptions caused by conflict in the Middle East.

SpaceX is seeking approval to build a natural gas pipeline in Florida to supply fuel to rockets launching from Cape Canaveral, according to documents filed with state regulators in September. The company's subsidiary, Coastal Connect Services, or CCS, has applied to the state Public Service Commission for authorization of rates and supply terms for a new 32.4-mile, 16-inch natural gas transmission pipeline in Brevard County, where Cape Canaveral is located. SpaceX uses liquid methane as propellant for its large Starship spacecraft, and the facility is expected to supply natural gas. According to the filings, CCS plans to build and operate pipeline facilities that would deliver natural gas directly to customers from the existing Florida Gas Transmission interstate pipeline. In its application, CCS said current truck deliveries and existing local pipelines cannot meet SpaceX's growing demand at Cape Canaveral, and that a new pipeline is essential to supply natural gas safely, efficiently and in a timely manner. SpaceX did not immediately respond to a request for comment from Reuters.

Ecopetrol and Petrobras have completed their largest-ever natural gas exploration campaign in the deep waters of the Colombian Caribbean, following an investment of approximately $1 billion. The two-and-a-half-year campaign involved the drilling of five exploration wells and was completed without accidents or operational incidents, Ecopetrol said Monday. Petrobras operated the exploration program with a 44.4% interest, while Ecopetrol holds the remaining 55.6% stake, under an exploration contract between the companies and Colombia's National Hydrocarbons Agency (ANH). The campaign required more than 1,000 helicopter flights carrying over 16,000 passengers, while vessels moved more than 147,600 tons of cargo and 45 million liters of fuel. On August 3, the two companies confirmed a new natural gas discovery in the deepwater Colombian Caribbean, in the same offshore region that contains major discoveries including Sirius and Copoazú.

Venture Global expects to export 500 to 518 LNG cargoes in 2026, with 91% of expected volumes already contracted, as the company positions itself to benefit from rising global demand for liquefied natural gas. The company said LNG imports into China, Japan and India have recovered despite elevated prices, while tighter European inventories are expected to support seasonal demand. Plaquemines Phase I is targeted to reach commercial operation date in the fourth quarter, while CP2 is on schedule for first LNG in the second half of 2027. U.S. LNG exports are expected to rise from 15.1 billion cubic feet per day in 2025 to 17.4 Bcf/d in 2026 and 18.6 Bcf/d in 2027, according to the U.S. Energy Information Administration. Venture Global shares have declined 5.9% over the past year against the industry's 13.3% growth, and the stock trades at a trailing 12-month enterprise-value-to-EBITDA of 9.98X versus the broader industry average of 10.65X.

ConocoPhillips has signed a long-term agreement with Venture Global to purchase 1 million tons of liquefied natural gas per year, with deliveries beginning in 2030 and running for 20 years. Venture Global said it looks forward to supporting ConocoPhillips in expanding its global LNG portfolio. ConocoPhillips expects LNG demand to double by 2050 and is building its LNG portfolio toward a targeted 10-15 million tons per annum. In the second quarter, the company's Qatar LNG operations were affected by the conflict in the Middle East, with the Ras Laffan plant largely shut down, though ConocoPhillips said the NFE and NFS projects in Qatar were progressing well despite the conflict.

US President Donald Trump is pressuring South Korea to speed up its decision on joining the $50 billion Alaska LNG natural gas project, warning that if Seoul does not sign soon, the United States may charge additional costs, or could double them. Trump told reporters on Friday that if South Korea does not want to join the project, that is no problem, but the United States will charge South Korea more, saying that if it does not sign soon, it will double, though he did not specify what would be increased. South Korean media noted this could mean higher tariffs on South Korean goods. The Seoul government confirmed it is still assessing the Alaska LNG project, and that a decision to join will depend on commercial viability and must comply with domestic legal procedures. Trump also said via Truth Social on Friday that he had announced an additional Enhanced Oil Recovery project worth $8.4 billion, but South Korean media, citing the country's industry ministry, said the $8.4 billion oil project was not included in the agreement previously reached between the Seoul government and Washington, and the ministry is examining the details and contacting the US side through trade channels to seek further clarification.

TC Energy Corporation has confirmed that Coastal GasLink Phase 2 will proceed following LNG Canada's expansion decision, nearly doubling capacity along the existing 670-kilometre route in British Columbia through new compressor stations and facility upgrades. Construction on the expansion is expected to start in early 2027, with service targeted for the early 2030s. The company also declared a continued quarterly dividend of C$0.8775 per share, or C$3.51 annualized. TC Energy's narrative projects CA$18.2 billion in revenue and CA$5.3 billion in earnings by 2029, with a fair value estimate of CA$98.78 implying 17% upside to the current price. Two fair value estimates from the Simply Wall St Community span from C$33.89 to C$98.78.

Eni and Repsol are considering selling a portion of their stakes in the Perla natural gas field off Venezuela's coast, Bloomberg reported Saturday, citing people familiar with the matter. The two European energy groups currently own 50% each of the venture and are seeking additional funds to help develop the massive offshore field, which they discovered in 2009 in shallow waters close to Venezuela's border with Colombia. Perla is estimated to hold approximately 17T cubic feet of gas, making it one of the largest gas fields in Latin America. In April, the companies reached a deal with the Venezuelan government to begin natural gas exports from the oil-rich nation by the end of 2031, an agreement with interim president Delcy Rodríguez that will enable the duo to more than double production at the Perla field. Eni and Repsol did not respond to Bloomberg's requests for comment.

Eni CEO Claudio Descalzi met Argentine President Javier Milei in Paris on Friday to discuss energy investment and progress on the Argentina LNG project, which its developers aim to take to a final investment decision before the end of the year. Argentina LNG is being developed by Eni, state-controlled YPF and Abu Dhabi-based XRG to monetize Vaca Muerta gas through an integrated production, processing, transportation and export system. The initial development would have LNG production capacity of 12 million tonnes per annum using two floating LNG facilities of 6 million tonnes annually each, with production currently scheduled to begin in 2030, while the partners evaluate an expansion that could lift capacity to 18 million tonnes per year. The consortium signed a binding joint development agreement in February covering the 12-mtpa phase, Eni agreed in June to acquire a 32% interest in the Meseta Buena Esperanza, Aguada Villanueva and Las Tacanas blocks in Vaca Muerta, and the project applied in August to enter Argentina's Large Investment Incentive Regime, or RIGI, a step the consortium described as a milestone toward the planned year-end investment decision. The two FLNG units are expected to be located offshore Río Negro province, and Eni said Milei and Descalzi also discussed the importance of a stable framework for long-term energy investment, with the company identifying international markets including Europe as potential destinations for future Argentine LNG supplies.

The number of liquefied natural gas carriers passing through the Strait of Hormuz in September was the highest monthly total since the Iran war began. According to S&P Global Energy, 19 vessels made the transit, with 13 originating from Qatar and 6 from the United Arab Emirates. Eric Yep, a senior principal analyst at the firm, said this exceeded the 15 transits in June, when the U.S.-Iran agreement began to take effect. Kpler data also showed 21 transits in September, up from 15 in June. Yep said LNG tanker transits through the Strait of Hormuz accelerated in the second half of September, and if that pace continues into October, monthly transits could recover to 25 percent of pre-war levels. He noted that the biggest concern is whether LNG shipments through the Strait of Hormuz can be sustained through the winter.

The U.S. Export-Import Bank has offered up to $6 billion in financing for the Argentina LNG project, the $24 billion natural gas development led by Argentina's YPF Sociedad Anónima alongside Italy's Eni and Abu Dhabi's ADNOC. The project, expected to become the largest infrastructure project in Argentina's history, is designed to extract and monetize the country's shale gas resources and will require $24 billion to build natural gas processing facilities, pipelines and liquefaction units, with the consortium seeking financing to fund part of those costs. The partners intend to make a final investment decision in November this year, though they may proceed with only letters of intent from banks and export credit agencies to finalize lending terms. Earlier this month, YPF said it was on track to sign two to three LNG sales agreements covering a combined capacity of 500 thousand to 1.5 million metric tons per year, deals the companies aim to secure before the November final investment decision. The project is initially expected to include two floating LNG facilities with a combined capacity of 12 MTPA, with potential to increase to 18 MTPA, plus a 527-kilometre pipeline to transport natural gas from Vaca Muerta to Argentina's Atlantic coast in Rio Negro province. YPF's stock has declined 6% since the announcement.

South Korean President Lee Jae-myung has reiterated that South Korea's participation in the Alaska LNG project has not been concluded, even though U.S. President Donald Trump announced that the two countries had agreed to cooperate on the project, valued at around 50 billion dollars. The Seoul government said the decision still depends on commercial viability and legal requirements. The move follows Trump's disclosure of South Korea's plans to invest up to 200 billion dollars in U.S. energy infrastructure, covering nuclear power plants, natural gas plants in Texas, and possibly the Alaska LNG project. Trump posted on Truth Social on Wednesday, September 30, U.S. time, that the two countries had agreed to cooperate on the Alaska LNG project, worth approximately 50 billion dollars, and called South Korea's overall investment plan one of the largest energy infrastructure investments in U.S. history. Lee Jae-myung posted on X on Thursday, October 1, local time, that participation in the Alaska LNG project must depend on financial feasibility and compliance with legal requirements, while investment in each nuclear plant must also pass a project-by-project commercial viability assessment. The more detailed U.S. energy investment plan includes a 6,472-megawatt natural gas plant project in Encinal, Texas, worth 22.3 billion dollars, which will supply power to a data center located on the same site. It will be developed by Related Companies and NextEra Energy, with the first phase expected to begin commercial operation in 2029 and full operation phased in by 2032. In addition, 120 billion dollars has been allocated for a plan to build eight large nuclear reactors in the United States, split into 100 billion dollars in construction costs and 20 billion dollars in contingency reserves. The nuclear agreement was signed by the governments of both countries, as well as Westinghouse Electric, Korea Electric Power Corp. and Korea Hydro & Nuclear Power, and opens the way for South Korean companies to consider taking a significant minority stake in Westinghouse, with terms still subject to business negotiations.

Shell is facing a proposed $5.2 billion fine from Kazakhstan tied to the Kashagan oil field project, where Kazakh regulators have reportedly alleged environmental and contractual violations involving Shell and other consortium partners. Separately, Shell has approved a $33 billion expansion of the LNG Canada project that aims to roughly double liquefied natural gas capacity to 28 million tonnes per year, with Shell holding a 40% stake in the Canadian hub. The key question on the Kashagan penalty is whether it results in a one-off cash hit or longer-running restrictions on that asset, while the LNG Canada decision signals Shell leaning further into liquefied gas as a core pillar of its energy mix. Investors will be watching whether Kazakhstan's enforcement process ends in a negotiated reduction or full payment, and on LNG Canada, updated project budgets, construction milestones through to first commercial operations targeted for the early 2030s, and any revisions to capacity plans from TC Energy's Coastal GasLink pipeline expansion.

US President Donald Trump announced on September 30 a South Korean investment package in the United States worth about $200 billion. It is the first phase of a $350 billion investment plan South Korea agreed to with the US administration last year, and includes an LNG project in Alaska and the construction of eight nuclear power plants in the United States. Under the first phase, roughly $120 billion will go toward building nuclear plants at eight sites, including in Ohio, while about $54 billion will be invested in Alaska to build an LNG pipeline. Another $22 billion will be directed to building a gas-fired power plant in Texas. This is the second country, after Japan, to have concrete investment projects published under last year's trade agreement, and Trump used the announcement to showcase massive investment in the United States ahead of the midterm elections.

MDU Resources subsidiary WBI Energy has reached a positive Final Investment Decision to build its Bakken East Pipeline, an approximately 350-mile line running from the Bakken region in western North Dakota to a location near Fargo in eastern North Dakota with an initial design capacity of 1.4 Bcf per day. The project is estimated to cost between $2.7 and $3.2 billion, and construction is expected to occur over construction seasons in 2028 through 2030, with facilities placed in service in two phases: the first phase from the Bakken to central North Dakota is expected to be complete in late 2029, and the second phase to an existing WBI Energy compressor station near Mapleton, North Dakota, has a target completion date of late 2030. When completed, the project will include additions and modifications at three existing WBI Energy compressor stations and the construction of four new compressor stations. The North Dakota Industrial Commission voted unanimously in August 2025 to support the project with a firm capacity commitment of $50 million per year for 10 years. MDU Resources President and CEO Nicole A. Kivisto called reaching FID a significant milestone in expanding critical natural gas infrastructure, and WBI Energy president Rob Johnson said the company has been working on Bakken East since early 2025; the company is actively evaluating debt and equity financing structures, including potential partnership agreements.

TC Energy Corporation has announced that Coastal GasLink Phase 2 will proceed after LNG Canada and its joint venture partners reached a positive final investment decision on the expansion of the LNG Canada facility, satisfying the conditions tied to TC Energy's previously approved conditional FID for the project. The existing Coastal GasLink pipeline transports about 2.1 billion cubic feet per day of natural gas, and Phase 2 is expected to nearly double that capacity through new compressor stations and facility upgrades along the existing 670-kilometer route connecting Dawson Creek with the LNG Canada liquefaction facility in Kitimat, British Columbia. Shell plc, through its affiliate Shell Canada Energy, took a final investment decision on the second phase of the LNG Canada project in Kitimat, clearing the way for an expansion that will double the facility's production capacity to 28 million tons per year from 14 million tons. The project will follow an integrated delivery model, with LNG Canada serving as the Phase 2 Execution Manager while Coastal GasLink remains the pipeline's owner, operator and permit holder, a structure designed to limit Coastal GasLink's capital commitments and exposure to construction cost and schedule risks. Construction of Coastal GasLink Phase 2 is expected to begin in early 2027, with the project anticipated to enter service in the early 2030s.

TotalEnergies has approved Final Investment Decisions for the Absheron gas field in Azerbaijan and the Ima gas field in Nigeria. Both projects are planned with low emission designs and are expected to support regional energy security and local development. The company has also entered a new infrastructure partnership in Africa with Global Infrastructure Partners to support long term gas-related assets. The Absheron and Ima gas FIDs mark a major step, although TotalEnergies has several other moving parts investors should understand, with analysts flagging heavy capex and exposure to higher risk regions as potential pressure points. The group's presence across Europe, Africa and the United States gives these Azerbaijani and Nigerian projects a wide commercial and logistical context.

Cheniere Energy subsidiary Cheniere Marketing has signed a long-term liquefied natural gas sale and purchase agreement with Petrobras covering approximately 0.8 million tonnes per annum on a free-on-board basis for 22 years. The deal was announced by the Houston-based company, which said the volumes will come from its marketing arm. Cheniere Chairman, President and Chief Executive Officer Jack Fusco said the multi-decade agreement reinforces Cheniere's position as a leading global LNG provider and provides additional commercial support and fixed fee cash flow visibility to underpin further brownfield liquefaction capacity growth. Cheniere operates the Sabine Pass and Corpus Christi liquefaction facilities on the U.S. Gulf Coast, with total production capacity of approximately 56 mtpa of LNG in operation and an additional approximately 5 mtpa of expected production capacity under construction.

Mitsubishi Corp announced on the 29th that it has decided to invest in expanding the production capacity of the LNG Canada liquefied natural gas production facility in western Canada. Investing jointly with partner companies including British oil major Shell, Mitsubishi Corp's project spending will come to about 500 billion yen. By expanding liquefaction facilities, the company aims to raise production capacity to 28 million tons per year, double the current level, in the early 2030s.

Chevron signed an agreement with Vietnam's PVN for potential crude oil, LNG, and LPG supply to Vietnam. The accord opens the door to cooperation on refining, import infrastructure, storage projects, and emission reduction initiatives in the country. The PVN partnership focuses on long term energy supply options, rather than a fixed volume or start date at this stage. Chevron operates as an integrated energy and chemicals group, and the supply and infrastructure accord with Vietnam aligns with its mix of upstream production, trading activity, and downstream refining interests across global oil and gas markets. The next concrete tell will be the first detailed project terms Chevron discloses with PVN, including any contracted LNG or LPG volumes and associated capital commitments.

Abbas Araghchi, Iran's foreign minister, confirmed his country's readiness to confront the United States up to the level of a "doomsday war," but said it still keeps the diplomatic channel open so as not to miss an opportunity to build peace, amid a state of war between the two countries that has flared intermittently since February 28, affecting global oil markets, driving gasoline prices sharply higher and intensifying inflation. Araghchi made the remarks in an interview on NBC News' Meet the Press on Sunday, September 27, after the United Nations General Assembly concluded the previous week, saying there was no reason for Iran to return to diplomacy, but that he was still trying to use diplomacy because the opportunity to build peace should not be missed, and stressing that Iran is as ready to negotiate as it is to face any challenge. Earlier, on Friday, September 25, Araghchi proposed reopening shipping routes in the Strait of Hormuz and reviving nuclear talks with the United States within seven days if the Trump administration accepted Iran's conditions. However, recently US President Donald Trump rejected Iran's proposal, which could have led to the Strait of Hormuz being reopened, with Iran heavily obstructing shipping through the strait as the conflict erupted, limiting oil and natural gas exports out of the Persian Gulf. In addition, The Wall Street Journal also reported that, beyond rejecting the deal, Trump said he expected to resume bombing Tehran after the US midterm elections in November.

The Persian Gulf Strait Authority, or PGSA, which Iran established to oversee the Strait of Hormuz, issued a warning on the X platform on the morning of September 27 that vessels will face consequences if they use illegal routes in the region, stating that such actions risk the loss of both life and property for ships, shipowners, captains and crew. It also warned shipowners to exercise caution to prevent violations, and said that if charterers breach the rules, all vessels of the companies involved could face restrictions in the future. Meanwhile, efforts to fully reopen the Strait of Hormuz are continuing. Iranian Foreign Minister Abbas Araghchi disclosed that Iran has submitted a seven-day plan to the United States through Qatar, under which the United States must meet certain conditions before the strait can reopen. The Wall Street Journal reported that one of the demands is the lifting of the U.S. naval blockade. However, U.S. President Donald Trump rejected the proposal, telling reporters at the White House that it was unacceptable. Before the war that the United States and Israel launched against Iran in late February, shipping through the strait had almost never been disrupted. The Strait of Hormuz is a transit route for about one-fifth of global oil demand and is also a key route for the transport of liquefied natural gas, or LNG, and fertilizer. Since the war broke out, threats and attacks in the region have brought shipping through the strait to a near standstill, driving oil and gas prices in global markets sharply higher.

EQT has reported completing a record-setting horizontal lateral in the Appalachian Basin and is now testing advanced gas recovery methods on the new well. The company is applying secondary and tertiary recovery techniques to assess how much additional natural gas can be produced, running the tests across its Appalachian footprint to compare recovery efficiency with prior drilling and completion approaches. EQT runs a large US natural gas operation stretching from drilling to gathering and transmission, with a $31.8b market cap, so any shift in recovery techniques can ripple through its broader production system and midstream network. If the methods work across the footprint, the producer could support its gathering and transmission network with fewer new wells and more output per pad, potentially reducing maintenance capital while serving long term data center and LNG contracts. The key proof point to watch is whether EQT starts disclosing materially higher recovery factors or lower per-unit development costs from these methods on upcoming quarterly calls, and whether it bakes the techniques into published type curves or development plans.

Shell plc and Trinidad and Tobago's National Gas Company have finalized commercial agreements covering natural gas supplies from the Aphrodite offshore field, clearing a major hurdle that had delayed the project. NGC chairman Gerald Ramdeen said the finalized terms significantly improve the project's economics for the state-owned gas company, providing 400% more value to the country than the terms previously negotiated. The Aphrodite development is expected to deliver its first gas in the second quarter of 2027, with NGC's pipeline and gas infrastructure transporting the field's production to the domestic market. The additional supply is meant to help Trinidad and Tobago offset years of declining natural gas production that has weighed on LNG exports and contributed to the closure of several petrochemical facilities, supporting downstream operations and commitments to power producers, industrial customers and Atlantic LNG, where Shell owns a 45% stake. The agreement is part of a broader Shell effort to strengthen the country's gas supply, including cross-border opportunities involving Venezuela and exploration of the Loran offshore gas field, a transboundary resource shared with Trinidad and Tobago that would tie subsea wells back to the Manatee platform.

PTT Exploration and Production Public Company Limited, or PTTEP, has announced progress in developing the Bussabong gas field in the G3/65 project in the Gulf of Thailand. Its subsidiary, PTTEP Energy Development Company Limited, or PTTEP ED, has made a final investment decision, or FID, to develop the gas field, building on the success of its exploration discovery of natural gas and moving into the development phase. Development of the field will take approximately two years, with gas production expected to begin in 2028 at a rate of about 30 million cubic feet per day, rising to 40 million cubic feet per day by 2030 to meet the country's growing future energy demand. The development will produce natural gas through a subsea pipeline system linked to the central processing platform and production facilities of the nearby Bongkot North field in the G2/61 project, where PTTEP is already the operator, allowing the Bussabong field to be developed more efficiently and quickly. The plan will proceed after receiving approval from the relevant government agencies. There are also plans to drill exploration wells in the Nong Yaow Northeast area to assess additional petroleum potential, and if petroleum is discovered, it could further increase production rates for the G3/65 project in the future. For the G3/65 project, PTTEP was granted petroleum exploration and production rights under a production sharing contract, or PSC, starting in 2023, covering an area of approximately 11,647 square kilometres. After the conditions for transferring an investment stake under the farm-out agreement were completed, PTTEP holds a 60 percent investment stake and remains the operator, while Valuera Energy (Chaiyaphruek) Company Limited holds a 40 percent stake. PTTEP currently has more than 50 petroleum exploration and production projects in more than 10 countries worldwide, and in Thailand it has 20 projects, both onshore and in the Gulf of Thailand.

U.S. natural gas futures gained 2.9% for the week, settling at $2.912 per MMBtu, supported by unusually warm September weather, strong power-sector demand, solid LNG demand and lower Canadian imports. The latest EIA report showed U.S. utilities added 44 Bcf of natural gas to storage for the week ended Sept. 11, below the 49 Bcf analysts expected and well below the five-year average injection of 74 Bcf, leaving inventories at 3,298 Bcf, 118 Bcf above the five-year average but 122 Bcf below the year-ago level. The surplus over the five-year average narrowed from 148 Bcf the previous week, while dry gas production slipped 1% and Canadian imports fell 13%. Record U.S. production and expectations for cooler weather limited the rally. Against this backdrop, Zacks highlighted three natural gas-focused stocks it rates Zacks Rank #3 (Hold): The Williams Companies, Range Resources and Expand Energy, with consensus 2026 earnings per share estimates implying year-over-year growth of 21.4%, 27% and 42.8%, respectively.