Natural gas production cuts have stabilized the fuel’s prices by countering weak Lower 48 winter demand, turning the market’s attention to the next big levers for fundamentals: the upcoming summer and added wind and solar capacity. Prompt-month New York Mercantile Exchange futures, trading above the $1.800 level at the start of April, had settled as…
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March Natural Gas Rout Extended as ‘Search of Bullish Catalysts’ Continues; Cash Up
Natural gas futures extended losses into a fifth consecutive session Monday as fundamental support continued to evade, leaving little for the market to latch onto to drive March Nymex natural gas out of the basement and off more than three-year lows. At A Glance: Futures tumble 7.9 cents Bearish fundamentals persist West Texas bucks cash…
CNX Exploring LNG, CNG, Hydrogen Opportunities to Drive Appalachian E&P Growth
CNX Resources Corp. expects efficiencies and new wells in the Appalachian Basin to help lower costs and maintain natural gas output in the years ahead as it explores alternative fuels. CNX, the first Lower 48 exploration and production (E&P) company to report fourth quarter earnings, said strong execution of last year’s program, along with more…
Natural Gas Forwards Climb for Much of Lower 48, Though Demand Hub Premiums Shrink
Aside from further discounts at Western Lower 48 hubs, natural gas forwards generally gained ground during the Dec. 14-20 trading period as the prospect of chillier conditions arriving in early 2024 lent support to prices. Fixed prices for January and February delivery rallied week/week at Henry Hub. The January contract at the national benchmark exited…
Stubbornly High Natural Gas Production Prompts EIA to Slash Henry Hub Winter Price Forecast
The U.S. Energy Information Administration (EIA) is slashing its winter Henry Hub spot price forecast on a combination of elevated production and weak space heating demand for natural gas so far this season. EIA said in its latest Short-Term Energy Outlook (STEO) it now expects the national benchmark to average $2.80/MMBtu this winter, down 60…
Despite Lost Demand, Natural Gas Futures Hold Positive Second Day; Spot Prices Rally
Natural gas futures forged ahead on Monday, building on the modest momentum gathered late last week after supportive government inventory data and price jumps in Europe. Following a 2.7-cent gain on Friday, the October Nymex gas futures contract settled at $2.639/MMBtu, up two-tenths of a cent to start the new week. November rose 2.7 cents…
Most Americans Support U.S. Oil, Natural Gas Production, Poll Finds
A recent poll commissioned by the American Petroleum Institute (API) of U.S. registered voters has found that a majority agree that domestic natural gas and oil production could lower energy prices and ensure national security. The poll conducted from June 23-25 of 2,003 registered voters by Morning Consult for API found that at least 88%…
Natural Gas Futures Relief Rally Extends to Second Day Amid Production Threats; Spot Prices Rebound
Natural gas futures found further momentum on Monday, rallying a second consecutive session amid bargain buying, hints of a potential pullback in U.S. production and wildfires that interrupted output in Canada and boosted cash markets. At A Glance: Wildfires crimp Canadian output U.S. rig count hints at slowdown Cooling demand further softens The June Nymex…
Crestwood Says Harsh Winter Weather, Shut-ins to Impact 4Q Earnings
Crestwood Equity Partners LP is expecting a one-off hit to its fourth quarter earnings because of extreme weather that caused well freeze-offs and production shut-ins across multiple Lower 48 basins, management said Wednesday. The harsh winter weather “adversely impacted volumes and well-connect activity across Crestwood’s gathering and processing assets during the quarter,” the Houston-based midstream…
Shale Pioneer Hamm Ups Deal Price in Taking Continental Private
Harold Hamm, the billionaire executive chairman of Continental Resources Inc., is set to take the largest Bakken Shale producer private with a new deal announced Monday. The Oklahoma City-based public explorer entered into an agreement with Omega Acquisition Inc., an Oklahoma subsidiary owned by Hamm, to begin a tender offer for the company’s outstanding common…