Natural Gas News – October 5, 2023
Natural Gas: Could $3 Hold With Mid-Fall Cold?
Natural gas bulls are once again on the market’s slipperiest slope for this year — $3 pricing — with weather, demand, and production all seemingly aligned for them to reach the top. Still, with two failed attempts in a span of five months, it wouldn’t be entirely wrong to wonder if they’ll stay the course. Since their last foray into $1 per mmBtu, or million metric British thermal units, territory in April, gas futures on the New York Mercantile Exchange’s Henry Hub have climbed nearly 60% from the lows of then to reach $3.055 on Wednesday — a peak since the 2023 high of $4.394. But it has been a stormy ride all along for the longs, who for the lack of a real major storm — snow or hurricane — were often caught in the throes of mid-$2 pricing. There wasn’t a lack of drama though, be it sudden spikes in LNG demand… For more info go to https://shorturl.at/DSWY5
Vietnam Sees No Gas From Exxon
HANOI, Oct 5 (Reuters) – Vietnam expects further years-long delays before offshore blocks being developed by U.S. major Exxon Mobil and Russia’s Gazprom will be producing gas, according to a draft government document seen by Reuters. The new timeline casts fresh doubts about prospects for the companies’ operations in the South China Sea, where Vietnam is at odds with Beijing over contested waters. Amid investor pressure to be more green-energy friendly, Exxon has for years been looking at pulling out from its Blue Whale project off Vietnam’s central coast,
people familiar with the matter said. Delays may also fuel fresh concerns about Vietnam’s power supply. The country, beset with blackouts in recent months, has laid out plans to rely on domestic gas, including gas from the Exxon and… For more info go to https://shorturl.at/bchX9