Natural Gas News – March 26, 2024
Natural Gas News – March 26, 2024
U.S. Gas Producer Optimistic
Despite multi-year low natural gas prices in the United States, domestic producers continue to be optimistic about the long-term prospects of gas as a fuel, both in America and abroad. The current oversupply in the U.S. natural gas market is set to ease in the coming months as many operators are curtailing production in response to the February price slump, which saw prices tumble to a three-decade low. This month, the spot natural gas prices at the Waha hub in West Texas, in the Permian, have been negative, sinking to as low as – $1.16 per million British thermal units (MMBtu) on March 18, per EIA data. The negative price, meaning producers have to pay for the gas to be moved out of production areas, was due to oversupply, a lack of enough takeaway infrastructure, and ongoing maintenance of the El Paso Natural Gas… For more info go to https://tinyurl.com/38rsbx5h
Natural Gas News: Prices Capped
U.S. natural gas futures are drifting on Tuesday, impacted by several key factors including weather conditions, storage levels, and changes in LNG export activities. The market is seeing a decrease in demand against a backdrop of increasing supply, leading to notable price fluctuations. At 12:24 GMT, Natural Gas Futures are trading $1.797,
up $0.008 or +0.45%. Current weather forecasts point to a moderate to light demand due to warmer conditions across large parts of the U.S. NatGasWeather’s reports show a mix of rain, snow, and temperatures ranging from the 20s to 70s, reducing the need for heating. Maxar Technologies predicts above-normal temperatures in the southern U.S. from March 30 to April 3, likely reducing heating demand further and keeping natural gas inventories high. There’s a … For more info go to https://tinyurl.com/mvwuc6tp
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