Natural Gas News – March 19, 2024
Natural Gas News – March 19, 2024
Natural Gas turns choppy with pivotal headlines emerging at US trading session on Monday
Natural Gas prices (XNG/USD) starts off in the green this Monday with traders bracing for actions from Russia after Vladimir Putin secured another term as President and Asian traders appear to be operating again in the European Gas futures market. This creates an imbalance in the already fragile European gas market, increasing doubts over whether the old continent will be able to restock its reserves ahead of the next heating season. Although the reserves have not declined as much as expected this winter, new deals to secure refilling are not taking place and Asian traders buy up the current cheap-priced contracts. The US Dollar trades steady this Monday ahead of no less than five central bank meetings this week with the two most important once: the Bank of Japan (BoJ) and the US Federal Reserve on Tuesday and We… For more information, go to https://tinyurl.com/daw95fy9
Natural Gas Market Struggles Amid Oversupply, Price Declines
The U.S. Energy Department’s weekly inventory release showed that natural gas supplies decreased more than expected. The positive inventory numbers notwithstanding, futures settled with another loss week over week — sixth in the last seven — overwhelmed by excessive supply and insipid weather-related demand. In fact, the market hasn’t been kind to natural gas, with the commodity recently hitting fresh three-and-a-half-year lows due to worries about record output and concerns about a growing glut. At this time, we advise investors to focus on stocks like Coterra Energy CTRA and Cheniere Energy LNG. EIA Reports a Withdrawal Bigger Than Market Expectations Stockpiles held in underground storage in the lower 48 states fell 9 billion cubic feet (Bcf) for the week ended Mar 8, above the guidance… For more information, go to https://tinyurl.com/yd9j4n54
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