The whopping 326 Bcf of natural gas that utilities pulled from storage in the third week of January amplified concerns that capacity may prove inadequate in coming years as U.S. production further escalates to meet global LNG demand. “As the size of North America’s gas market has ballooned in recent years, storage capacity expansions have…
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In Wake of Golden Pass Delay, January Natural Gas Nears $2.50 Ahead of EIA Data
Natural gas futures continued to lose ground early Thursday as milder-trending forecasts did little to repair the damage dealt by a material weakening in export demand expectations heading into next year. After plunging 14.1 cents on Wednesday, the January Nymex contract was down another 3.2 cents to $2.537/MMBtu at around 8:30 a.m. ET. Futures sold…
U.S. Natural Gas Prices Reflect ‘Amply Supplied’ Market This Winter, but Optics Less Clear in South Central
Record power burns and elevated gas exports have halved the surplus of Lower 48 working gas in storage since the summer. However, with an expected loosening of supply/demand balances, supply risks are unlikely this winter except in the most severe cold weather scenarios, according to analysts. The storage surplus to the five-year average has fallen…
Natural Gas Futures Continue to Climb as Market Prepares to Digest Potentially Plump EIA Print
Riding positive momentum from the previous session, natural gas futures continued to advance early Thursday as traders shrugged off a potential increase in the Lower 48 storage surplus from the latest government inventory data. Heading into its first session as the front month, the November Nymex contract was up 3.7 cents to $2.936/MMBtu as of…
Natural Gas Futures Forge Higher Ahead of EIA Storage Print
Following three straight days of modest gains on hotter weather and lower production, natural gas futures pushed ahead early Thursday as traders awaited the latest government inventory data. The July Nymex gas futures contract was up 6.3 cents at $2.405/MMBtu at around 8:40 a.m. ET. National Weather Service (NWS) data continued to show robust heat…
EIA Raises 2023 Henry Hub Natural Gas Price Forecast After August Gains
Natural gas spot prices at Henry Hub will average roughly $9/MMBtu during the fourth quarter before retreating to around $6 on average in 2023 amid rising domestic production, according to the latest projections from the Energy Information Administration (EIA). Spot prices at the national benchmark averaged $8.80 in August, versus $7.28 in July, the agency…
Natural Gas Futures Pare Gains as Traders Look Ahead to EIA Report
Coming off a furious rally in the previous session, natural gas futures pared their gains early Thursday as traders awaited the latest round of government inventory data for more insights into how sweltering temperatures have impacted balances. After rocketing 74.3 cents higher in Wednesday’s session, the August Nymex contract was off 21.4 cents to $7.793/MMBtu…
EIA to Post Two Weeks of Petroleum Data Following Technical Troubles; OPEC-Plus on Deck
The U.S. Energy Information Administration (EIA) said it would report two weeks’ worth of petroleum supply/demand data on Wednesday following a burst in power that damaged the agency’s hardware and forced the postponement of several reports. EIA said early Tuesday that it would publish its Weekly Petroleum Status Report (WSPR) at its regularly scheduled time…
Natural Gas Prices Soar to Fresh Highs After EIA Storage Data Confirms Tight Balances
Natural gas futures finished off the short holiday week with another huge leap higher after the latest inventory data confirmed a sluggish start to the injection season. The May Nymex gas futures contract settled Thursday at $7.300, up 30.3 cents on the day. June futures raced 32.7 cents higher to $7.423. Momentum continued in the…
Natural Gas Futures Continue to March Higher as Market Awaits EIA Storage
Natural gas futures probed above the $7.00 mark early Thursday as traders prepared to turn their attention to the latest round of government inventory data, expected to show a lighter-than-normal spring injection. The May Nymex contract was up 7.3 cents to $7.070/MMBtu at around 8:55 a.m. ET. Predictions for this week’s Energy Information Administration (EIA)…