Amid stiff competition from natural gas and renewables in the power sector, U.S. coal consumption in 2018 is on track to fall to its lowest level since 1979, the Energy Information Administration (EIA) said this week.
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NGI The Weekly Gas Market Report
Natural Gas Forward Prices Plunge as Outlooks Indicate Warmer Temps for Weeks Ahead
A jittery natural gas market plagued by a historic storage deficit that has only worsened before the peak of the winter season got some good news on the weather front as outlooks showed warmer temperatures beginning next week, a trend that could last for the next several weeks. January forward prices plunged an average 41 cents from Nov. 29-Dec. 5, while the balance of winter (February-March) dropped an average 31 cents, according to NGI’s Forward Look.
No Clear End to Warming Trend Sends January NatGas Tumbling; Spot Gas Mostly Lower
After some flipping back and forth Wednesday, natural gas market bears regained full control on Thursday as weather outlooks showed truly cold air locked well north of the United States/Canada border after this week’s cold front passes through. The Nymex January gas futures contract fell 14.2 cents to settle at $4.327, while February lost 11.3 cents to hit $4.217 and March slid 8.2 cents to $3.924.
Near-Term Cold Boosting Demand as Natural Gas Futures Called Higher
January natural gas futures were trading 9.3 cents higher at $4.550/MMBtu shortly before 9 a.m. ET, with short-term cold offering support for the bulls as forecasters pointed to mixed trends in the weather data overnight.
North America Onshore Fracture Pricing, Activity Worse Than Forecast, Schlumberger Executive Says
Schlumberger Ltd. is signaling a sharper-than-expected sequential decline in profits for the fourth quarter because of a “significantly larger drop in activity” than expected, a top executive said Tuesday.
NGI The Weekly Gas Market Report
PJM Ready for Winter Demand Amid ‘Less-Certain’ Weather Outlook
The PJM Interconnection has more than enough capacity to meet the forecasted peak electricity demand for the upcoming winter, the grid operator said Wednesday.
Tug-of-War Between Bears, Bulls Leaves January NatGas Marginally Higher as Cash Retreats
The power struggle between natural gas market bears and bulls continued Wednesday as futures prices soared as much as 17 cents overnight on a chillier long-range outlook only to plunge into the red as the latest data added a few days of milder temperatures. The Nymex January gas futures contract eventually recovered enough to settle 1.2 cents higher at $4.469 Wednesday, while February rose 2.5 cents to $4.33 and March gained a more substantial 6.9 cents to hit $4.006.
Natural Gas Bulls, Bears Duke It Out But January Ends Only Marginally Higher; Spot Gas Eases
The power struggle between natural gas market bears and bulls continued Wednesday as futures prices soared as much as 17 cents overnight on a chillier long-range outlook only to plunge into the red as the latest data added a few days of milder temperatures. The Nymex January gas futures contract eventually recovered enough to settle 1.2 cents higher at $4.469 Wednesday, while February rose 2.5 cents to $4.33 and March gained a more substantial 6.9 cents to hit $4.006.
Weather Outlook Steady Overnight as January Natural Gas Called Higher
January natural gas futures were trading 15.1 cents higher at $4.490/MMBtu shortly before 9 a.m. ET Tuesday, with the weather outlook mostly unchanged overnight for a market that continues to find support from storage concerns.
Brief — New Brunswick Gas
Ownership of New Brunswick’s natural gas distribution franchise is changing hands in a C$331 million (US$265 million) sale announced Tuesday by Calgary-based Enbridge Inc. The buyer — Liberty Utilities (Canada) LP, a subsidiary of Oakville, ON-based Algonquin Power & Utilities Corp. — added that a C$5 million (US$4 million) service expansion program will begin after the deal’s scheduled close in first-half 2019. Under Enbridge ownership the franchise, New Brunswick Gas, arranged for imports from the eastern United States for its 12,000 customers in 12 communities to replace Nova Scotia offshore wells that are depleted and shutting down. Enbridge retains a 78% ownership interest in the import route, Maritimes & Northeast Pipeline. The Calgary gas and oil transportation conglomerate described the New Brunswick deal as part of continuing asset sales triggered by its C$37 billion (US$28 billion) takeover of Houston-based Spectra Energy in 2016.