Natural Gas News – March 7, 2019
Natural gas trading, prices increase on colder weather, nuclear outages
OS&P Global reported: North American natural gas trading has been relatively higher the last four trading sessions as colder weather and nuclear outages increased the market’s reliance on gas to meet its needs. S&P Global Platts received 8,660 physical fixed-price deals for North American gas on March 1. This was an all-time high of deals received. Platts received 7,094 deals on Monday. This was the second most deals ever received. The trend continued as Platts received 6,900 deals on Tuesday, the fourth-highest amount of deals seen. Platts received just under 6,900 deals on Thursday, according to preliminary numbers. The cash price for Pacific Gas and Electric Malin increased 22.5 cents on the day to $3.625/MMBtu as the colder weather added upward pressure.
GCC Natural Gas Market is Determined to Grow US$ 50 Billion by 2024
Market Watch reported: The GCC Natural Gas Market has been a recipient of the concerns related to energy security and climatic changes due to increasing fossil fuel consumption. In a bid to strengthen the regional sustainable energy scenario, GCC countries including Kuwait, UAE, Bahrain, Saudi Arabia, Qatar, and Oman have been planning to increase the dependency on sustainable energy sources for curbing carbon footprints. In accordance, they have apparently set long-term goals that are certain to favorably stimulate GCC natural gas industry. Growing need to cater burgeoning domestic demand, achieve self-sufficiency and reinforce energy security will drive the GCC natural gas market share. According to the 2017 BP Energy Outlook, energy consumption across the Gulf region is projected to increase by 54% by 2040, with natural gas representing over 60% of growth.