Natural Gas News – February 16, 2023
Natural Gas News – February 16, 2023
Record Voyage for Canadian Gas Offers Relief for Asia
A stream of natural gas that’s being unleashed from British Columbia’s vast reservoirs is blazing a record-setting path through global markets, providing hope for Canada’s beleaguered drillers and relief for energy-hungry economies around the world. Tourmaline Oil Corp. has started shipping the fuel on a roundabout, 3,000-mile (4,800 kilometres) journey from northeast British Columbia to Chicago and then southbound to an LNG-chilling facility on the Gulf Coast in Texas. From there, it’s being shipped to ports in Asia or Europe on voyages that can range from 5,000 to 17,000 nautical miles, depending on the route. The arrangement promises higher prices for Tourmaline’s gas and a new source of the fuel for European and Asian buyers who are scouring the globe for supplies as Russia’s war in Ukraine exacerbates a… For more info go to https://bit.ly/3I8aw3q
U.S. NatGas Jumps 7% as Partial Return of Freeport LNG
U.S. natural gas futures jumped about 7% to a one-week high on Tuesday from a near 25-month low in the prior session as the amount of gas going to liquefied natural gas (LNG) export plants jumped to a 10-month high with a rapid increase in gas flows to Freeport LNG’s export plant in Texas. Prices also gained support from a decline in gas output this month and forecasts for colder weather and more heating demand next week than previously expected. Front-month gas futures NGc1 for March delivery rose 16.2 cents, or 6.7%, to settle at $2.567 per million British thermal units (mmBtu), their highest since Feb. 7. On Monday, the contract fell to within a penny of closing at the 25-month low hit on Feb. 8. The amount of gas flowing to U.S. LNG export plants was on track to reach 13.5 billion cubi… For more info go to https://bit.ly/3XDfMl4
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