Nat Gas News – April 19, 2017
Nat Gas News – April 19, 2017
In the News
Williams Partners sharpens Natural Gas focus with petrochem plant sale
Reuters reports: Williams Partners LP said on Monday it would sell its stake in a unit that owns 88.46 percent of an olefins plant in Louisiana to Nova Chemicals for $2.1 billion in cash, as part of the pipeline operator’s efforts to focus on natural gas.Williams Partners, which put the Geismar, Louisiana plant on the block in September, said it expects to generate 97 percent of its fee-based revenue from natural gas sales after the close of the asset sale. The plant produces about 1.95 billion pounds of ethylene annually and was rebuilt in 2014, following an explosion a year earlier that left two workers dead and 167 injured. Ethylene is a key component used to make chemicals, but prices of the commodity have suffered due to over-supply in the U.S. market. Williams Cos Inc (WMB.N), which controls and is the majority shareholder of Williams Partners, has also said it is focused on growing natural gas volumes after the collapse of its more than $20 billion takeover by Energy Transfer Equity LP. For more visit reuters.com or click http://reut.rs/2oSLGxv
U.S. natural gas bounces off 3-week low
Investing.com reports: U.S. natural gas futures were higher on Tuesday, bouncing off the lowest level in three weeks as traders monitored shifting weather forecasts to assess the outlook for early-spring demand and supply levels. Weather patterns are expected to be rather bearish through the first half of the week due to mostly mild temperatures dominating much of the country beside the far northern U.S. However, a colder weather system will track over the southern and eastern U.S. later in the week through early next week to bring an increase in demand to stronger levels. Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting forecasts on early-spring demand. For more on this story visit investing.com or click the following link http://bit.ly/2oKInq4
This article is part of Daily Natural Gas Newsletter
Tagged: natural gas, prices
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