Global liquefied natural gas (LNG) demand this summer is forecasted to decline 2.7%, or 2.72 million metric tons (mmt) year/year, the first seasonal demand contraction since 2012, according to Wood Mackenzie.
Articles from Surplus
Enbridge Offering Oil Storage Service on Canadian Mainline
The Canadian oil surplus generated by the Covid-19 pandemic and demand contraction has spun off a new storage revenue stream for Enbridge Inc. worth up to C$8.7 million ($6.5 million) over the next eight months.
Increased Production Balancing Market, Analyst Says; November Called 4 Cents Higher
November natural gas is expected to open 4 cents higher Thursday morning at $2.93 as overnight weather models hint at cooler temperatures late in the forecast period. Overnight oil markets retreated.
Weather Models Flip Back to Cold; January Called 14 Cents Higher
January natural gas is expected to open 14 cents higher Wednesday morning at $3.40 as weather forecasters see Alaska ridging developing by the end of the month. Overnight oil markets rose.
Traders Await Storage Stats; January Called 3 Cents Higher
January natural gas is set to open 3 cents higher Thursday morning at $3.63 in spite of weather forecasts calling for slightly less cold, and expectations of a government storage report expected to show an increasing surplus. Overnight oil markets were mixed.
Futures Finding ‘Comfort’ at $3; October Seen A Penny Higher
October natural gas opened a penny higher Tuesday morning at $3.01 as traders note a continuing reduction in the storage surplus. Overnight oil markets plunged.
Longs ‘Throwing in Towel’ After Storage Report; September Seen 3 Cents Lower
September natural gas is expected to open 3 cents lower Friday morning at $2.80 as traders discount the extreme storage report of Thursday and concentrate on static supply levels. Overnight oil markets retreated.
Cash NatGas Slides, Futures Weaken After Storage Data; March Sub-$2
Gas for Friday delivery weakened in trading Thursday as most traders hunkered down and got deals done before the release of Energy Information Administration (EIA) inventory data.
Weather Models Little Changed Overnight; March Called 3 Cents Lower
March natural gas is expected to open 3 cents lower Thursday morning at $2.01 as traders anticipate government storage data to show little impact on a long-term supply surplus that shows no sign of diminishing any time soon. Overnight oil markets were mixed.
$3 Needs Weather Surprise, Analyst Says; August Called 2 Cents Lower
August natural gas is expected to open 2 cents lower at $2.83 Friday morning as even though Thursday’ storage report was considered bearish, the long-term surplus suggests futures trading will be rangebound. Overnight oil markets retreated.