Natural Gas News – August 8, 2023
Natural Gas News – August 8, 2023
US Nat Gas Near 2-week Peak On Higher Demand Outlook
U.S. natural gas futures rose more than 4% to nearly a two-week high on Monday on forecasts for higher demand over the next week because of hotter-than-expected weather through mid-August, especially in Texas. Front-month gas futures for September delivery on the New York Mercantile Exchange were up 12.4 cents, or 4.8%, to $2.70 per million British thermal units (mmBtu) at 10:49 a.m. EDT (1449 GMT), its highest since July 26. “We’re getting a little bit of a bounce to start the week on the hot temperatures,” said Phil Flynn, an analyst at Price Futures Group. Power demand in Texas hit an all-time high last week and will likely break that record again this week as homes and businesses keep their air conditioners cranked up during the lingering heat wave, according to forecasts by the Electric Reliability Council of…
Natural Gas Deliveries to U.S. LNG Export Facilities Set a Record
Natural gas deliveries by pipeline to U.S. liquefied natural gas (LNG) export facilities are called LNG feed gas. LNG feed gas averaged 12.8 billion cubic feet per day (Bcf/d) in the first six months of 2023, following the Freeport LNG terminal’s return to service, according to data by S&P Global Commodity Insights. Over this period, LNG feed gas averaged 8%, or 1.0 Bcf/d, more than the 2022 annual average and 4%, or 0.5 Bcf/d, more than the same six-month period in 2022. LNG feed gas set a monthly record in April 2023 at 14.0 Bcf/d, supported by high international demand for U.S. LNG exports, particularly in Europe. LNG feed gas declined slightly in May and June and averaged 13.0 Bcf/d and 11.5 Bcf/d, respectively, primarily because of maintenance at several U.S. LNG export facilities, in…
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