A breakneck rally in European natural gas prices continued Wednesday, propelling benchmarks on the continent to abnormally high premiums above those in Asia and creating massive arbitrage opportunities for U.S. liquefied natural gas (LNG) exports. Dutch front-month futures have gained about $10/MMBtu over the last week. The January Title Transfer Facility (TTF) contract finished nearly…
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Natural Gas Futures Extend Losses on Spring-Like Temperatures; Warmth Sends Cash Lower
Natural gas futures faltered again Tuesday despite a huge day/day decline in production. The losses reflected changes in the latest weather outlook, which had been colder over the weekend but then warmed in the last couple of runs. The January Nymex gas futures contract fell 4.7 cents to $3.747/MMBtu. Spot gas prices, meanwhile, came crashing…
Soaring LNG Prices, Pipeline Constraints Threaten New England Power Grid This Winter
New England’s natural gas pipeline constraints, global supply chain issues tied to oil and liquefied natural gas (LNG) deliveries, and prolonged periods of cold weather this winter could keep the region’s electric utilities from accessing sufficient fuel to meet customer demand and trigger emergency actions, according to power grid operator ISO New England Inc. “As…
Egypt Aims to Meet Growing Global LNG Demand as Output Ramps Up
Egypt is moving forward with its plans to become a regional natural gas hub as its two liquefied natural gas (LNG) plants are running at full capacity for the first time in more than a decade. Egypt’s Petroleum Minister Tarek El Molla told news media at the East Mediterranean Gas Forum last month that the…
Late December Pattern ‘Disappointing’ in Latest Forecasts as Natural Gas Slides Early
As overnight forecasts fueled uncertainty over how much cold air will find its way into the Lower 48 late this month, natural gas futures skidded lower in early trading Tuesday. The January Nymex contract was down 6.5 cents to $3.729/MMBtu at around 8:50 a.m. ET. The weather data produced a mix of trends overnight, including…
Natural Gas Futures Tumble as Weather Data Backs off Upcoming Cold, Adds Warmth
A chillier weekend forecast lifted natural gas futures back above $4.000/MMBtu early in Monday’s session. The gains, however, were not to last as subsequent weather data backed off the cold and sent the January Nymex gas futures contract tumbling 13.1 cents to $3.794. February slid 12.8 cents to $3.761. Spot gas prices were higher to…
Global Natural Gas Prices Soar as Supply Fears Amplify — LNG Recap
Natural gas prices in Europe and Asia soared Monday as supply concerns deepened and the regions are seen competing for liquefied natural gas (LNG) cargoes beyond the winter. British and Dutch front-month futures gained nearly $3 each to finish above $38/MMBtu, hitting levels not seen in months. Asian spot prices, meanwhile, gained almost $2 to…
Excelerate Starts LNG Operations in Bahia as Brazil Imports Boom
Floating specialist Excelerate Energy has started delivering natural gas to the Brazilian market at the Bahia regasification terminal in Salvador, Bahia. Excelerate’s floating, storage and regasification unit (FSRU) Excelerate Sequoia has an LNG storage capacity of 173,400 cubic meters. Excelerate and Brazilian state oil company Petróleo Brasileiro (Petrobras) signed the lease contract at the end…
TC Energy Sees North America Natural Gas Demand Rising 25% by 2030
TC Energy Corp. expects North American natural gas demand to grow 25% by 2030, a top pipeline executive told investors earlier this month. Demand would mainly be driven by coal-to-gas switching in the power sector and global demand for liquefied natural gas (LNG), TC’s Tracy Robinson, president of the Canada natural gas pipelines unit, said…
Models Advertise ‘Enough Chill’ to Send Natural Gas Futures Higher Early
Natural gas futures climbed in early trading Monday as chillier forecasts over the weekend bolstered expectations for heating demand later this month. Coming off an 11.1-cent rally in Friday’s session, the January Nymex contract was up another 9.8 cents to $4.023/MMBtu at around 8:50 a.m. ET. Colder changes to the forecast provided the impetus to…