Bears continued to tear into natural gas futures for the sixth straight week, sending August fixed prices down 87.0 cents on average for the period ending July 6, according to NGI’s Forward Look. September fixed prices put up similarly steep losses, which extended through the remainder of the summer (August-October). Notably, even the strip for…
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Natural Gas Forwards Free Fall on Prolonged Freeport LNG Outage
As demand destruction from the Freeport liquefied natural gas (LNG) terminal outage continued to loosen balances, strong summer heat failed to prevent natural gas forwards from falling during the June 23-29 trading period. Fixed prices for August delivery at benchmark Henry Hub tumbled 37.4 cents during the period to average $6.499/MMBtu, NGI’s Forward Look data…
PHMSA Examines ‘Overpressure Situation’ at Freeport LNG, Possibly Delaying Restart
High pressures in a stretch of piping likely caused an explosion that knocked the Freeport liquefied natural gas (LNG) export terminal offline, according to federal regulators, who have proposed requirements that could ultimately delay a return to service. The Pipeline and Hazardous Materials Safety Administration (PHMSA) said the cause of the June 8 incident is…
August Natural Gas Futures Make Soft Landing at Front of Curve Despite Bullish Backdrop
Nymex natural gas futures, led now by the August contract, failed to hold onto early price gains amid weakening demand ahead of the holiday weekend. The August Nymex futures contract settled at $6.498/MMBtu, down 7.2 cents on the day. September futures slipped 6.4 cents to $6.493. At A Glance: Models still point to hot July…
Freeport LNG Outage Proves Need to Boost Natural Gas Output, Says Huntsman CEO
Barring an increase in domestic natural gas production, the United States should stay the course with regard to liquefied natural gas (LNG) export volumes, the top executive at global chemical manufacturer Huntsman Corp. told NGI. “I don’t think we should be exporting any more LNG than we are today if we’re not going to, conversely,…
Freeport LNG Outage Dominates North American Natural Gas Price Outlook
An extended outage at the Freeport liquefied natural gas (LNG) terminal continued to dominate the North American natural gas price outlook during the June 9-15 trading period, casting a wide shadow over regional markets from coast to coast, NGI’s Forward Look data show. The initial outage following an explosion at the 2.0 Bcf/d Freeport terminal…
Europe and Asia LNG Prices Surge on Freeport Outage, Nord Stream 1’s Reduced Flows
News that the outage at Freeport LNG in the US will last longer than initially expected drove up the ICIS European TTF gas benchmark due to lower expected US exports. The ICIS East Asia Index (EAX) also climbed, underscoring its close ties to Europe’s prices.
Natural Gas Futures Extend Recovery Ahead of EIA Report; Temps ‘Solidly Hot and Bullish’
Against a backdrop of sweltering heat at home and surging prices abroad, and with traders still factoring in the balance implications of an extended outage at a major U.S. export facility, natural gas futures advanced early Thursday ahead of the latest round of government storage data. The July Nymex contract was up 38.3 cents to…
Natural Gas Futures Bounce Back After Third-Largest Drop on Record
Following one of the biggest plunges in the history of natural gas trading, futures rebounded on Wednesday as traders digested the impact of a major export outage against a broader backdrop of robust global demand. At A Glance: Traders focus on robust cooling demand Europe’s thirst for U.S. LNG holds strong Cash prices rebound as…
Global Natural Gas Prices Soar on Freeport LNG, Russian Outages
European and Asian natural gas prices continued soaring higher Wednesday with the market on edge about two key supply outages in Russia and the United States. Word on Tuesday that the liquefied natural gas (LNG) terminal on Quintana Island, TX, Freeport LNG, won’t enter full service until later this year after an explosion, as well…