Natural Gas News – September 12, 2018
Natural Gas News – September 12, 2018
EIA Projects Record High US Natural Gas Output, Demand In 2018
Oil and Gas Investor reported: U.S. dry natural gas production should rise to an all-time high of 80.96 billion cubic feet per day (Bcf/d) in 2018 from 73.55 Bcf/d in 2017, according to the U.S. Energy Information Administration’s (EIA) Short Term Energy Outlook (STEO) released Sept. 11. The latest September output projection for 2018 was down from the EIA’s 81.10-Bcf/d forecast in August but would still easily top the current annual record high of 74.15 Bcf/d produced on average in 2015. The EIA also projected U.S. gas consumption would rise to an all-time high of 79.81 Bcf/d in 2018 from 74.20 Bcf/d in 2017. That 2018 demand projection in the September STEO report was up from EIA’s 79.57-bcfd forecast for the year in its August report and would top the current annual record high of 75.10 bcfd consumed on average in 2016. For more on this story visit oilandgasinvestor.com or click https://bit.ly/2O96aLX
Natural Gas Price Prediction – Prices Rise as Storms Brew
FX Empire reported: Natural gas prices increased for a second consecutive trading session rising nearly 1% after rebounding from trend line support. While Hurricane Florence is getting all the headwinds, there is a cyclone forming in the gulf that could put infrastructure at risk. Hurricane Isaac is also moving toward the Caribbean which could lead to another hurricane making its way into the Gulf of Mexico. Natural gas price moved higher on Tuesday rising for the second consecutive trading session after bounding near support which is an upward sloping trend line near 2.76. Resistance is seen near the 10-day moving average at 2.85. A close above this level, as hurricane activity increases volatility could push prices up to the 3.00 August highs. The trend is downward sloping as the 10-day moving average crossed below the 50- day moving average. Momentum is neutral as the MACD (moving average convergence divergence) histogram prints in the red with a flat trajectory which points to higher prices. For more on this story visit fxempire.com or click https://bit.ly/2Obc8ME
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