Natural Gas News – January 23, 2024
Natural Gas News – January 23, 2024
Norway’s Natural Gas Production Hits Record High
Norway’s natural gas production beat forecasts and rose to a record high in December, preliminary figures from the Norwegian Offshore Directorate showed on Tuesday. Norwegian gas production increased to an all-time high of 379 million cubic meters per day (mcm/day), up from November levels and up by 7.7% compared to the directorate’s forecast. Oil production also beat forecasts, by 1.9%, and stood at 1.847 million barrels per day (bpd) last month, up from 1.805 million bpd in November. Last year, Norway’s oil and gas production was slightly lower than expected, largely due to unplanned and extended maintenance shutdowns at multiple fields and onshore facilities during the summer, the Norwegian Offshore Directorate said in its annual report earlier this month. Gas production resumed full force starting from early a… For more info go to http://tinyurl.com/s9x9z7rv
Natural Gas Prices Forecast: Bearish Outlook
Natural gas futures show consolidation within previous range. Weather trends significantly impact natural gas prices. Short-term natural gas outlook remains predominantly bearish. U.S. natural gas futures are showing signs of consolidation, trading within the previous day’s range. As of 12:59 GMT, prices stood at $2.392, down
by 1.12%. This movement suggests a cautious market stance, with traders taking profits after a recent 25%+ sell-off and Monday’s gap lower opening. The market is also responding to technically oversold conditions, hinting at a potential bottoming action. NatGasWeather analysis highlights the impact of weather trends on natural gas
prices. Initially, warmer trends in early winter were overlooked, leading to a sharp price rally. However, the recent return to warmer cond… For more info go to http://tinyurl.com/4uzap8mh
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