Natural gas futures rocketed to a six-week high midweek amid ongoing heat in Texas, technical support and continued soft production in the wake of pipeline maintenance events. The September Nymex gas futures contract settled Wednesday at $2.959/MMBtu, up 18.2 cents on the day. October climbed 18.9 cents to $3.053. At A Glance: Technical momentum seen…
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Natural Gas Traders Tap Brakes, Then Hit Pedal as Weather Data Confirms Looming Cold Snap
Natural gas futures bounced around Wednesday after weather models added a large chunk of demand to the long-range outlook, with frigid Canadian air forecast to plunge into the Lower 48 next week. After a sharp rally overnight lost momentum, confirmation in the midday data sent the January Nymex gas futures contract roaring higher and ultimately…
Petronas Declares Force Majeure at Malaysia LNG, Further Squeezing Global LNG Market
Petroliam Nasional Berhad, aka Petronas, has declared force majeure on supplies from its Malaysia LNG (MLNG) facility due to a pipeline leak, which could add more pressure on Asian and European liquefied natural gas buyers looking to cover before the winter season. “It’s expected that the leak at the Sabah-Sarawak gas pipeline that supplies the…
Ukraine’s Gas Grid Operator Suspends Some European Flows After Russia Seizes Territory
The operator of Ukraine’s natural gas grid reported Tuesday it would have to suspend service at a critical point for gas transport through the country because of Russia’s increased “military aggression.” Gas TSO of Ukraine (GTSOU) confirmed it was declaring a force majeure at the gas metering station at Sokhranivka and the compressor station Novopskov.…
Natural Gas Futures Slip as Laura Threatens to Crush Demand; Cash Softens
Natural gas traders were on high alert Tuesday as Hurricane Laura churned toward the Gulf Coast, with impacts to supply and demand reverberating across the market ahead of the storm’s projected landfall late Wednesday or early Thursday. Volatility was on full display, with the September Nymex gas futures plunging to an early $2.451 intraday low…
The Offtake: LNG in Brief
A roundup of news and commentary from NGI’s LNG Insight Henry Hub settled at a 25-year low on Thursday at $1.482, down 7.2% day/day, while the front-end of the Nymex forward curve collapsed after a 120 Bcf injection into storage. U.S. futures extended their losses in early trading Friday, but the July contract rolled off…
LNG Recap: Oil’s Tailspin Seen Having Varying Impacts on Global NatGas Trade
As oil prices plunged on Monday and sent global energy markets into turmoil, plenty of implications were seen for liquefied natural gas (LNG), including the possibility of higher prices for U.S. buyers and relief for offtakers overseas.
Force Majeure Shuts In Most of REX Zone 3 Receipts
A force majeure declared Tuesday on the Rockies Express Pipeline (REX) system remained in effect Wednesday morning and has resulted in an approximately 1.1 Bcf/d reduction in east-to-west flow from the recent throughput level of 1.8 Bcf/d.