Natural Gas News – November 21, 2023

Natural Gas News – November 21, 2023

Natural Gas Prices Forecast: Weather, Storage Data to Drive US Futures Outlook

Last week in U.S. natural gas futures was characterized by notable fluctuations, influenced by diverse market forces. The week commenced with a surge in futures, driven by an upswing in national demand due to cooler temperatures in regions like the Plains and Texas. This initial increase, however, was short-lived as weather forecasts soon predicted milder conditions across most of the U.S., dampening the initial rally. The global LNG market and European LNG imports also played a crucial role midweek. Despite a downward trend in spot LNG prices in North Asia and mixed import patterns in Asia, the U.S. stood out as a significant LNG exporter. High European gas inventories reduced the continent’s need for additional LNG supplies, impacting the global market dynamics. Toward the week’s end, U.S. natural gas futures re… For more information: https://shorturl.at/bfiN9

Steel-Making Giant Seeks U.S. LNG to Secure Gas

ArcelorMittal, the world’s second-largest steelmaker, is looking to sign an agreement with a U.S. LNG exporter as it aims to secure stable supply of natural gas following last year’s energy crisis in Europe, the Financial Times reported on Tuesday, quoting sources with knowledge of the plans. Industrial giants in Europe have recently signed LNG supply deals with U.S. companies after the industry was forced to curtail or shut down operations last year as natural gas prices skyrocketed in the wake of the Russian invasion of Ukraine. Europe’s heavy industry suffered a lot in 2022 and continues to see much higher energy costs than American industrial firms despite the fact that European energy prices have declined from the record highs of the summer and autumn of 2022. In September last year,… For more information: https://shorturl.at/aCKPW