Natural gas forwards markets wiped out last week’s gains, plunging some 16 cents on average between Oct. 14 and 20, as the market continues to wait for cold weather to arrive and grapples with record storage inventories.
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The World Bank raised its forecast for 2017 crude oil prices from $53/bbl to $55/bbl Thursday, citing a potential production limits agreed to by the Organization of the Petroleum Exporting Countries (OPEC).
Residents near the Southern California Gas Co. Aliso Canyon underground natural gas storage fieldon Sunday will mark the one-year anniversary of the four-month storage well leak that disrupted their lives this year, calling on the state to shut down the now-closed facility permanently. “Thousands of residents are still sick from the lingering effects of the toxic blowout, and Aliso has had four major leaks since the affected well was capped,” said a spokesperson for Food & Water Watchand the Save Porter Ranchresidents’ organization, both of which want the 86 Bcf, 3,600-acre facility shut down permanently. SoCalGas and state and federal energy officials have said the facility eventually can be safely operated again, and consider it an important source of electric and gas reliability in the region.
Natural gas futures lost ground Thursday morning before and after the Energy Information Administration (EIA) reported a storage injection that was greater than what traders and analysts were anticipating.
Natural gas and power markets are ‘cautiously optimistic’ as they approach the upcoming winter, according to the 2016-2017 Winter Energy Market Assessment released Thursday by FERC’s Office of Enforcement (OE).
Physical natural gas traders having no desire to subject their deals to the often volatile effects of the 10:30 am EDT release of storage data by the Energy Information Administration (EIA) may have set the stage for a broad market shift lower by both futures and cash markets.
Nearly two-thirds of natural gas utilities responding to a survey by the American Gas Association (AGA) predict residential heating bills will be higher for the upcoming winter season, but those bills are still projected to be the fourth-lowest within the past decade.
Even as supplies tighten, ample production from U.S. unconventional drilling will pressure commodity prices for years to come, ExxonMobil Corp. CEO Rex Tillerson said Wednesday.
Physical natural gas prices for Thursday delivery couldn’t quite make it three in a row and gave ground on Wednesday in large part because of weather-driven screen losses.
November natural gas is expected to open 9 cents lower Wednesday morning at $3.17 as weather forecasts make an abrupt shift milder. Overnight petroleum markets were mixed.