Natural Gas News – February 15, 2024
Natural Gas News – February 15, 2024
Will Halt To New LNG Exports Ease U.S. Natural Gas Price Spikes?
The recent pause on new permits for LNG export projects has divided America in the latest controversy surrounding the Biden Administration’s energy policies. Environmentalists hailed the decision as a win for the climate and a step toward weaning the world off fossil fuels. A group of U.S. industrial gas consumers welcomed the permit halt as a win for reliability for American consumers and a means to prevent spikes in domestic natural gas and electricity prices. On the other hand, oil and gas industry associations slammed the Biden Administration’s decision as a “loss for America” and a “win for Russia” as it would undermine the economy and jobs at home and America’s credibility as a reliable partner to provide gas to its allies. The pause in new LNG export project approvals is “a mistake” as it would actually hol… For more information, go to http://tinyurl.com/mr4yr3ms
Natural Gas sees intraday gains evaporating on another US industrial slowdown
Natural Gas (XNG/USD) is falling back to $1.66, coming from $1.71 earlier this Thursday. The whipsaw move comes on the back of disappointing US Industrial Production numbers for January. Not only got the previous number revised down from 0.1% to 0%, the current number for January even fals into contraction at -0.1%. The US Dollar (USD) is retreating firmly and is near erasing its gains from Tuesday. This puts the US Dollar Index (DXY) back to square one with Retail Sales undershooting estimates and downward revisions the main driver for this paring back of gains. The US Dollar is retreating against most major peers while risk sentiment is picking up. US Industrial Production falls by -0.1% for January. With the downward revision of the previous number, risk is that the US will start to eas… For more information, go to http://tinyurl.com/3vzsn572
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