Natural Gas News – November 28, 2023
Natural Gas News – November 28, 2023
Natural Gas Prices Forecast: Mild Weather, High Output
US natural gas futures are weaker on Tuesday, with the December contract on the New York Mercantile Exchange nearing its lowest point since late September. This decline is attributed to record-high output levels coupled with mild weather conditions that have dampened heating demand. Current weather patterns, as noted by NatGasWeather, show strong national demand due to chilly temperatures across the US, which is expected to shift towards milder conditions. This shift is anticipated to result in lighter than normal demand late this week and into the next. The December contract’s expiration on Tuesday also introduces potential volatility, typically heightened by low trading volumes around contract expiry. Robert DiDona of Energy Ventures Analysis points to recent supply
gains and moderated temperatures as factors co… For more info go to https://shorturl.at/bEGPW
Natural Gas and Oil Analysis: Navigating Through OPEC+
Oil prices experienced an uptick on Tuesday, driven by multiple factors including potential actions by OPEC+. The Brent benchmark surpassed $80 a barrel, influenced by the likelihood of OPEC+ extending or intensifying supply cuts and a decrease in Kazakh oil production due to a storm. OPEC+, which includes OPEC and allies like Russia, is scheduled for an online meeting on Thursday to discuss 2024 production targets. Last week, the market saw a downturn when OPEC+ delayed its meeting, aiming to resolve disagreements over production targets for African members. However, a recent move towards a compromise among OPEC+ members, as reported by Reuters, suggests a possible agreement on reducing production further. Oil prices are also being supported by a weaker dollar, anticipated reductions in… For more info go to https://shorturl.at/yPRW3
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The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.
