Natural Gas News – May 9, 2023
Natural Gas News – May 9, 2023
U.S. LNG Exports Help European Natural Gas Storage
Europe ended the 2022-23 winter heating season with natural gas storage inventories that were 56% full, the highest on record, due in large part to favorable weather and increasing LNG exports from the U.S. Storage levels stood at 2.02 Tcf on April 1, exceeding the previous record of 1.98 Tcf at the end of the 2019-20 heating season and the five-year (2018-22) average of 1.21 Tcf, according to data from Gas Infrastructure Europe. The winter heating season runs from November 1 through March 31.Europe has a robust underground storage system (see Music is Love) and storage levels have benefited from exceptionally warm winter temperatures, which reduced heating demand. Europe‘s effort to conserve natural gas and increased U.S. LNG imports also helped offset lower pipeline volumes from Russia (see Hazy Shade of Winter)… For more info go to https://bit.ly/3LO8cAj
U.S. Shale Drillers See Natural Gas Price Rebound in 2024
US shale-gas drillers are betting that a price slump eroding their cash-flow outlook will be short-lived and that a rebound awaits in 2024. A group of suppliers including EQT Corp. and Southwestern Energy Co. used the latest round of earnings calls with analysts to reassure investors that natural gas supply and demand fundamentals remain structurally bullish even after prices have slumped by more than half this year. The dramatic rise of natural gas to 14-year highs in 2022 bolstered producers with unprecedented cash while driving a surge in utility bills. This year’s drop after a mild winter has traders and producers speculating whether the market’s exuberance has come to an end or just taken a pause. A return to higher prices would be unwelcome for consumers who are still faced with… For more info go to https://bit.ly/3nHLh1y
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