Natural Gas News – October 17, 2023
Natural Gas News – October 17, 2023
Natural Gas Prices Forecast: US Rebounds, Europe Tumbles
US natural gas futures clawed back some losses on Tuesday, rising to $3.129 after a four-day sell-off. The rebound likely reflects traders booking profits, as weather forecasts still don’t indicate a surge in demand. While a cool system is expected in the Great Lakes and Northeast next weekend, the overall weather pattern for much of the U.S. remains warm, limiting natural gas demand. Mild weather forecasts through late October further cement a bearish outlook. On the supply side, natural gas output in key shale basins is expected to drop by 0.5 billion cubic feet per day (bcfd) to 98.8 bcfd in November, marking a fourth consecutive month of declines. This decrease in production comes despite average gas output in the Lower 48 states rising to 103.4 bcfd this October. Additionally, pipeline exports to Mexico are c… For more info go to
https://shorturl.at/bgOZ0
Nat-Gas Prices Under Pressure as Mild U.S. Weather
November Nymex natural gas (NGX23) on Monday closed -0.127 (-3.92%). Nat-gas prices on Monday extended last Friday’s losses to a 1-week low and closed sharply lower as warmer weather is expected in much of the eastern U.S. while weather in the western U.S. is cooler, cutting nat-gas demand for heating and air conditioning.
Maxar Technologies said the remnants of the West Pacific Typhoon Bolaven will keep temperatures cooler along the West Coast over the next two weeks and warmer in the eastern two-thirds of the U.S. Natgas prices have carryover support from last Friday’s rally in European nat-gas price to an 8-month high on concerns about global supplies
after Chevron shut down a nat-gas production field in Israel because of safety concerns after Hamas militants attacked Israel last week…For more info go to https://shorturl.at/npNU1
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