Natural Gas News – May 28, 2020
Lawmaker accuses New York, New Jersey of picking Europe over Pa. for their natural gas
A state lawmaker has blasted New York and New Jersey for rejecting a permit for a pipeline that would supply Pennsylvania natural gas to Queens, Brooklyn and parts of Long Island. “Our neighboring states thumb their nose at Pennsylvania gas and embrace the purchase of gas from Eastern Europe,” state Sen. Gene Yaw said Friday. He was reacting to the New York Department of Environmental Conservation and New Jersey Department
of Environmental Protection rejection of the $1 billion Williams’ Transco Northeast Supply Enhancement Project. For more on this story visit pennlive.com or click https://bit.ly/3dnmo0Z
Natural Gas Prices In Europe Could Be Heading Into Negative Territory
The next negative prices in energy contracts could soon be seen in European natural gas prices as lockdowns batter demand while storage capacity for the commodity is running out, analysts and traders told Reuters on Friday. “If it will happen today or next week, it’s hard to say. This weekend we have very low demand and strong supply, so weekend prices might go close to negative,” a European gas trader told Reuters. Prices at the Dutch TTF hub and the prompt UK wholesale gas prices have recently slumped by 20-30 percent to low single-digits, and there is a risk that they may go negative because gas demand in Europe is still very weak while storage is close to capacity. UK prices once turned negative in October 2006, when the new Langeled pipeline from Norway boosted supply at a time when UK gas storage capacity was 96 percent full. Earlier this month, ENN Energy Holdings, one of China’s largest natural gas distributors, said it was not ruling out the possibility that natural gas prices could follow last month’s WTI
Crude move and flip to negative because of insufficient storage. For more on this story visit oilprice.com or click https://bit.ly/3et6Poy
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