Natural Gas News – May 13, 2022

Natural Gas News – May 13, 2022

U.S. Natural Gas Prices Get Caught Up 

U.S. natural gas prices have gone from cheap and range-bound to the highest in more than a decade in a matter of weeks. And they may still have higher to go as extra strong local demand combines with soaring exports to Europe Natural gas ended last week at over $8 per million British thermal units. It had started the year at below $4 per mmBtu, and analysts expected it to remain range-bound. But then the war in Ukraine threw all these expectations out of the window. The United States has been exporting as much natural gas as is physically possible, and more than half of this gas has been going to Europe as it scrambles to reduce its dependence on Russian oil, gas, and coal as quickly as it can. Yet higher exports of natural gas have meant lower local supply, and this has naturally pushed prices higher. Now, the… For more info go to https://bit.ly/3L7RI3J

U.S. NatGas Futures Rise 2% on Lower Daily Output

U.S. natural gas futures gained about 2% on Wednesday on a big drop in daily output over the past three days and forecasts for more demand this week than previously expected. The shutdown of a pipeline carrying Russian gas through Ukraine also helped support U.S. gas futures and temporarily lifted European prices. European futures have stabilized in recent weeks at what are still very high levels relative to U.S. prices in part because stockpiles there are filling fast as Russia keeps supplying fuel via pipelines. Those high European prices continue to attract liquefied natural gas (LNG) from the United States and elsewhere. U.S. front-month gas futures for June delivery rose 14.8 cents, or 2.0%, to $7.533 per million British thermal units (mmBtu) at 9:05 a.m. EDT (1305 GMT). That leaves… For more info go to https://bit.ly/3wly7rj