Nat Gas News – March 23, 2017

Nat Gas News – March 23, 2017

In the News

ICE to offer first U.S. Gulf Coast LNG futures contract

Reuters reports: With the United States about to become a net exporter of natural gas for the first time in 60 years, Intercontinental Exchange Inc said on Wednesday it would begin trading the first ever U.S. liquefied natural gas futures contract in May. ICE said the contracts would be cash-settled against the Platts LNG Gulf Coast Marker price assessment and use Platts-derived U.S. GCM LNG forward curves for daily settlement purposes. The curves will have an initial term of 48 months. U.S. gas producers, plagued by low domestic prices in recent years, are eager to sell into the international marketplace through LNG. Growing LNG exports are propelling the United States’ transition to a net exporter of natural gas, which is expected to happen later this year or in 2018. With growth in LNG export capacity, the United States will become the third-biggest exporter of LNG by the end of 2020, according to S&P Global Platts, which provides the price assessment for the ICE contract. For more visit reuters.com or click http://reut.rs/2nDaBEQ

Oil sinks to 4-month lows on bets for bearish U.S. supply data

Investing.com reports: Oil prices were under pressure during European morning hours on Wednesday, falling to the lowest level since the end of November after data overnight showed another increase in U.S. crude supplies. The U.S. benchmark settled lower for the third session in a row on Tuesday as the market weighed rising U.S. drilling and growing stockpiles against efforts by major producers to cut output to reduce a global glut. Oil has fallen sharply this month amid concern that the ongoing rebound in U.S. shale production could derail efforts by other major producers to rebalance global oil supply and demand. For more, visit investing.com or click http://bit.ly/2o5Yop2