Natural Gas News – November 29, 2022
Natural Gas News – November 29, 2022
Why Americans Will Pay Higher Natural Gas Prices This Winter
American households that run on natural gas can expect high bills this winter. How high prices go depends on a lot of factors, including whether the war in Ukraine takes a new turn and if the winter is unusually mild or cold. The Energy Information Agency’s winter forecast expects bills to be higher than last year’s, though not quite as high as the summer peak. War in Ukraine and Europe’s ban on Russian gas have already reshaped global markets. Europe is feeling the crunch because of how much of its gas came piped from Russia, but the US faces a different kind of problem. Throughout most of the 2010s, the US had a supply glut that kept the wholesale price of gas low. Supply far outpaced domestic demand, and almost none of it was exported as liquified natural gas (LNG) to other countries. But since 2016, the US has… For more info go to https://bit.ly/3VEppzF
Gas Prices Spike Higher As Winter Draws In
The arrival of colder weather at the start of the winter has begun to bite in the gas market. After a lull in October, the industry-wide cost of the commodity in November has picked up sharply, although it remains significantly lower year-on-year and well below the peaks seen at the height of supply worries over the war in Ukraine, which was reached when summer was in full swing. An industry measure called the System Average Price of Gas increased by 60% from its level at the end of October to last week. But as analysis of the data from the Office for National Statistics points out, that leaves it over 50% lower year-on-year and 80% under August’s peak. As the chart shows, the volatility in the market is new, and stems from the impact of the war in Ukraine. Russia’s invasion upended world … For more info go to https://yhoo.it/3XFTi4j
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