Natural Gas News – February 28, 2023
U.S. NatGas Jumps 7% To One-Month High On Rising
U.S. natural gas futures jumped about 7% to a one-month high on Monday on forecasts for more demand this week than previously expected and a drop in output so far this month. In addition to forecasts for colder weather next week that should keep heating demand higher than normal for this time of year, analysts also noted that gas prices have soared about 31% over the past four days due in part to a jump in U.S. liquefied natural gas (LNG) exports. Helping boost LNG exports over the past month has been the partial restart of Freeport LNG’s export plant in Texas from a shutdown caused by a fire in June 2022. Freeport LNG, the second-biggest U.S. LNG export plant, was on track to pull in about 0.8 billion cubic feet per day (bcfd) of gas from pipelines for a fifth time in the last six days on Monday, data from… For more info go to https://yhoo.it/3J1Ruxo
U.S. Natural Gas Futures Hit One-Month High
U.S. natural gas futures hit a one-month high on Monday on forecasts for colder weather next week and a rise in LNG exports.
Natural Gas futures had risen by 6.48% as of 3:40 p.m. ET on Monday to $2.710, as U.S> LNG exports reached 12.8 bcf/d so far this month, up from 12.3 bcf/d last month. The monthly record for U.S. LNG exports was reached in March 2022, when the United States exported 12.9 bcf/d. NGc1 for April delivery rose 13.4 cents on Monday, the first day trading as the front-month contract. NGc1 for March, which closed for trading on Friday, trading at $2.548 bcf/d.Another reason for the sharp uptick in nat gas prices is the U.S. average gas output, which fell to 97.5 bcf/d so far this month from 98.3 bdf/d in January. These conditions were brought on in part due to freezing… For more info go to https://bit.ly/3KN6oZt