Natural Gas News – February 13, 2024
Natural Gas News – February 13, 2024
Can A Biden LNG Policy Shift
Last week, the natural gas market experienced several key developments that led to a significant drop in prices, reaching a three-year low. This movement in the market was influenced by a mix of factors ranging from increased production to policy changes. During the week-ending February 11, 2024, Natural Gas Futures settled at $1.847, down $0.232 or -11.16%. The most notable factor was the sharp increase in natural gas production, which coincided with a decrease in demand due to unusually mild winter conditions. These milder temperatures significantly reduced the need for heating, thus lowering domestic consumption of natural gas. Further contributing to the surplus was the reduced activity in LNG export plants, leading to an accumulation of supply. The market also reacted to the Biden
administration’s recent… For more info go to http://tinyurl.com/emt8vz6a
Nat-Gas Prices Post 3-1/2 Year Low
March Nymex natural gas (NGH24) on Monday closed -0.079 (-4.28%). Nat-gas prices on Monday extended their month-long decline and posted a 3-1/2 year nearest-futures low. Nat-gas prices are selling off as updated weather forecasts for much of the U.S. are warmer than previously estimated, reducing heating demand for natgas and keeping inventories elevated. Forecaster Maxar Technologies said on Monday that most of the U.S. is expected to
have above-normal temperatures from Feb 22-26, with the central U.S. well above normal. Nat-gas prices are also under pressure after the Freeport LNG nat-gas export terminal in Texas said on January 26 that it shut down one of its three production units for a month for repairs after extreme cold in Texas damaged equipment. The closure
of one of the units… For more info go to http://tinyurl.com/bdewteyh
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