Natural Gas News – May 17, 2022
Natural Gas News – May 17, 2022
Europe and US Set For Scorching, Dry Summer
Scientists at the Copernicus Climate Change Service, who published their seasonal outlook on Friday, said hotter and drier weather is highly likely across key agricultural regions in the European Union. It could bring drought conditions for farmers who are already battling the impacts of climate change. Abnormally high temperatures could also fuel natural gas demand for air conditioning. Russia’s war on Ukraine has already driven gas prices in Europe higher, contributing to a cost of living crisis across the region. The scientists said there’s a 70% to 100% probability that temperatures across the northeastern U.S., Spain, France and Italy will be well above average from June to August. At the same time, the chance of below-normal rainfall across swathes of central Europe, France, Spain and the U.S. Northwest was … For more info go to https://bit.ly/3FSoULu
US Natural Gas Futures Jump 5%
US natural gas futures jumped about 5% to a one-week high on Monday as higher European prices keep US liquefied natural gas (LNG) exports strong even though Europe has more gas in storage compared with normal than the United States. Also supporting US prices, power demand in Texas was expected to soar to a monthly record on Monday as homes and businesses crank up their air conditioners to escape another spring heat wave. Traders noted US prices were up despite a 5% drop in European prices and forecasts for milder weather and lower US demand over the next two weeks than previously expected. US front-month gas futures for June delivery were up 39.5 cents, or 5.2%, to $8.058 per million British thermal units (mmBtu) at 9:28 a.m. EDT (1328 GMT), putting the contract on track for its highest… For more info go to https://bit.ly/3aasULP
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