Natural Gas News – October 26, 2023
Natural Gas News – October 26, 2023
EA’s World Energy Outlook: Bullish On Natural Gas
Today the International Energy Agency published its 2023 edition of the annual World Energy Outlook report which doubles down on its claim that global demand for coal, oil, and natural gas will all peak by 2030. However as Energy In Depth has written previously, “peak oil” forecasts make good headlines, but often these claims don’t square with reality. This contradiction between scenarios and reality is most pronounced in the report’s claims about liquified natural gas (LNG). While claiming that demand for natural gas will peak within the next seven years, IEA simultaneously forecasts major growth in new LNG projects and capacity set to come online over the next decade: “An unprecedented surge in new liquefied natural gas (LNG) projects coming online from 2025 is set to add more than 250 billion cubic meters per… For more info go to https://shorturl.at/quyF3
US NatGas Prices Up 1% To One-Week High On Cold Forecast
U.S. natural gas futures climbed about 1% to a one-week high on Wednesday on forecasts for colder weather and higher heating demand next week than previously expected and talk of bullish price support from the options market ahead of options expiration on Thursday. Front-month gas futures for November delivery on the New
York Mercantile Exchange (NYMEX) rose 3.9 cents, or 1.3%, to settle at $3.010 per million British thermal units (mmBtu), their highest close since Oct. 18. That put the front month near the psychological round number of $3 per mmBtu, where lots of put and call options were still open, ahead of the November options expiration on
Thursday and the November front-month expiration on Friday. With almost twice as many $3 November puts outstanding (34,329 contracts) versus $3… For more info go to https://shorturl.at/zCFI7
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