Natural Gas News – November 2, 2023

Natural Gas News – November 2, 2023

Natural Gas and Oil Analysis: Inventory Builds

U.S. Natural Gas futures dipped as the market anticipates the upcoming U.S. Energy Information Administration’s (EIA) Weekly Storage Report. A build of 81 billion cubic feet (Bcf) is expected, compared to last week’s 74 Bcf and last year’s 99 Bcf. The five-year average for this period is 57 Bcf. Natural gas futures were trading at $3.408, down by 2.46%. Middle Eastern tensions, particularly Iran’s call to halt oil and food exports to Israel, could disrupt oil supplies, affecting global markets including U.S. oil. Oil demand estimates from J.P.Morgan stand at 102.1 million barrels-per-day, with U.S. crude stocks rising due to slow refinery restarts post-maintenance. These developments suggest potential volatility for both U.S. oil and natural gas prices. Natural Gas (NG) is currently trading at $3.48, registering a… For more info go to https://shorturl.at/iBHQX

Chevron In Talks On 15-Year LNG Supply Contracts Into Europe

LONDON, Nov 2 (Reuters) – Chevron (CVX.N) is negotiating contracts to supply liquefied natural gas (LNG) into Europe for up to 15 years as buyers expect the region to rely on imports for longer than previously thought, an executive at the U.S. oil and gas company said. The new willingness by buyers to agree on long-term supply
deals comes after several European governments rolled back some green policies citing higher costs and economic concerns. European imports of the super-chilled fuel surged after Russia halted pipeline gas exports in the wake of Moscow’s invasion of Ukraine last year. Buyers initially sought short-term LNG supply of up to 5 years due to
the uncertainty in the market and countries’ ambitions to reduce their reliance on fossil fuels. But that has changed as the focus on…For more info go to https://shorturl.at/aiyA1