Natural Gas News – March 28, 2023
Natural Gas News – March 28, 2023
US NatGas Futures Up 3% On Forecasts For Colder Weather
U.S. natural gas futures gained about 3% on Friday after falling to a one-month low in the prior session on forecasts confirming the weather will remain mostly colder than normal for the next two weeks, keeping heating demand higher than usual through early April. That price increase also came on expectations the amount of gas flowing to liquefied natural gas (LNG) export plants would hit a record high during the month of March after Freeport LNG’s export plant in Texas exited an eight-month outage in February. It shut in a fire in June 2022. Front-month gas futures NGc1 for April delivery rose 6 cents, or 2.8%, to $2.214 per million British thermal units (mmBtu) at 7:59 a.m. EDT (1159 GMT). On Thursday, the contract closed at its lowest since Feb. 21 when it settled at a 29-month low of $2.073. For the week, the… For more info go to https://bit.ly/3G07gqC
Freeport LNG Cancels Some March Cargoes On Restart Hiccups
The second biggest U.S. liquefied natural gas (LNG) export plant, Freeport, has canceled up to four shipments of LNG, due to restart snags after an eight-month-long outage, trading sources told Reuters. In addition, the facility has recently loaded another vessel with a lower amount of gas than originally planned, two of the sources added. “You arrive with your vessel to load at a given time and they say ‘yes you can load’, but then an hour later it doesn’t. They blame the long shutdown for restart hiccups,” a trading source familiar with the matter said. When contacted by Reuters, a Freeport LNG spokesperson said that the company does not comment on commercial activity which includes its cargo schedules. The company said earlier this month that changes in feed gas flows and production… For more info go to https://bit.ly/3lFL2TW
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