The U.S. Energy Information Administration (EIA) is slashing its projected 2024 average Henry Hub natural gas spot price by 14% versus its month-earlier forecast after observing record lows for the benchmark in February, the agency said Tuesday. EIA, in its latest Short-Term Energy Outlook (STEO), modeled an average Henry Hub price of $2.27/MMBtu for 2024,…
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March Natural Gas Futures Rally as Production Dips, Expiry Looms; Spot Prices Slip
Natural gas futures rebounded on Monday, bolstered by lower production readings and trader positioning ahead of the front-month contract’s expiration. At A Glance: NGI models 84 Bcf draw Production at 103 Bcf/d Weather demand evades Coming off back-to-back losses to close out the prior week, the March Nymex gas futures contract settled at $1.659/MMBtu, up…
Marcellus-Focused Range Resources Eyeing Flat Natural Gas Output Amid ‘Incredibly Challenging’ Prices
Appalachian Basin pure play Range Resources Corp. is targeting flat production growth in 2024 with a focus on natural gas liquids (NGL) to offset weak natural gas pricing, management said Thursday. “Near-term prices are obviously incredibly challenging for the industry, and we expect these historically low price levels should help keep a lid on natural…
Natural Gas Futures Finally Find Fresh Footing, Post Modest Advance; Cash Prices Mixed
For the first time in nine sessions, natural gas futures on Friday forged ahead as discount buying finally overtook the mild weather forecasts and elevated supplies that had sapped the will of price bulls most of this month. At A Glance: Prompt month gains 2.8 cents Bargain buying saves the day Fundamentals ‘indelibly weak’ The…
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…
MPLX Exploring Organic Growth Opportunities in Permian, Marcellus and Utica
MPLX LP management said its 2024 growth outlook is anchored in the Permian Basin and Marcellus Shale, which provide steady sources of opportunities, particularly around natural gas and natural gas liquids (NGL) assets. It also sees potential in the Utica Shale. “We plan to continue growing these operations through organic projects, investment in our Permian…
Mexico Natural Gas Production Hits Highest Level Under AMLO, Though Still Outpaced by Imports
Mexico’s natural gas production averaged 4.3 Bcf/d in 2023, the highest full-year figure since President Andrés Manuel López Obrador, aka AMLO, took office in December 2018. The amount was up from 4.09 Bcf/d recorded in 2022, and 3.81 Bcf/d in 2019, data from upstream regulator Comisión Nacional de Hidrocarburos (CNH) show. Crude oil production, meanwhile,…
How Did the U.S. Natural Gas Market Fare During the January Freeze? Listen Now to NGI’s Hub & Flow
Click here to listen to the latest episode of NGI’s Hub & Flow, in which NGI’s team of senior markets reporters discuss January’s wintry weather and the toll it took on the U.S. natural gas market. NGI Price & Markets Editor Leticia Gonzales is joined by Senior Markets editors Kevin Dobbs, Chris Newman and Jodi…
Alaska Looking to Secure Vital Natural Gas Supplies Via Cook Inlet
As reserves in the Cook Inlet Basin dwindle, Alaska leaders are warning of natural gas shortages as early as 2027. Natural gas production in the basin has fallen to about 70 Bcf/year, according to the Alaska Department of Natural Resources (DNR). The reduced production was cited for shuttering operations at the Agrium Kenai Nitrogen Plant…
Weekly Natural Gas Spot Prices Slide as ‘Warmest Patterns of the Past 50 Years’ Hits Demand
Weekly natural gas cash prices fell for a second week as milder winter weather deflated demand across much of the Lower 48. NGI’s Weekly Spot Gas National Avg. for the Jan. 22-26 period tumbled $2.165 to $2.380/MMBtu with declines in all regions. The Northeast led the way down. Iroquois Zone 2 collapsed $13.480 to average…