Natural Gas News – December 13, 2022
Natural Gas News – December 13, 2022
UPDATE 1-U.S. NatGas Rallies As Cold Weather Seen Boosting Demand
U.S. natural gas futures jumped more than 10% to their highest in over a week on Monday, driven by forecasts for colder than normal weather and higher heating demand over the next two weeks. Front-month gas futures for January delivery on the New York Mercantile Exchange rose 33.8 cents, or 5.5%, to settle at $6.587 per million British thermal units (mmBtu), the highest since Dec. 1. “The difference between today’s weather models versus Friday’s weather models are hinting at much more of gas weighted heating degree days … which has subsequently tightened the supply-demand balance,” said Robert DiDona of Energy Ventures Analysis. “This tighter market condition is ultimately driving the price rise that we’re seeing today.” Data provider Refinitiv forecast 504 heating degree days (HDDs), which are used to estimate …
European Gas Prices Fall as LNG Surge Battles Arctic Blast
European natural gas prices slumped as record imports of liquefied natural gas helped to offset a blast of winter weather that’s testing the region’s resilience to the energy crisis. LNG imports into northwest Europe have surged in recent weeks as high prices attract shipments. The continent is also seeking to prevent its gas stockpiles from dwindling as demand for heating soars. From London to Latvia, temperatures are set to drop below freezing in the coming days, forecasts show. It’s Europe’s first real trial of the season after Russia curbed gas supplies in the fallout over its war in Ukraine. A slump in wind power and nuclear outages in Sweden and France are also straining power and gas networks. “We now expect two-thirds of all US LNG cargoes to land in Europe this year,” said Kristy …
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