Natural Gas News – April 4, 2024
Natural Gas News – April 4, 2024
Natural Gas News: Flat Movement
The U.S. natural gas market is nearly flat on Thursday traders await the latest government storage report. Key factors influencing this trend include varying weather conditions and expected storage changes. At 13:17 GMT, U.S. natural gas futures are trading $1.848, up $0.007 or +0.38%. The anticipated storage report, projecting a decrease of 38 to 43 billion cubic feet (Bcf), comes against a backdrop of cooler weather in most parts of the U.S., with exceptions
in regions like the Ohio Valley, Northeast, and Florida. NatGasWeather forecasts from April 4-10 indicate a mix of high demand due to cooler temperatures in the Great Lakes and East, and lower demand elsewhere due to milder weather. Wednesday’s market activity showed a slight dip in U.S. natural gas futures by about 1%, influenced by a smaller-than-expected … For more info go to https://tinyurl.com/5xr7xucf
Appalachia Gas Production Slowdown Lifts Cash
The slowdown in Appalachian gas production this spring is already easing pressure on cash basis prices. This summer though, traders are betting on wider spreads there as Henry Hub gas climbs back above $2. Over the past eight weeks, gas production from the Marcellus and Utica shale has fallen sharply. In April, combined inbasin production has averaged just over 33.5 Bcf/d – down from a near record-high average around 35.7 Bcf/d as recently as February, data from S&P Global Commodity Insights showed. The precipitous slowdown comes on the heels of a tough winter for producers. In mid-February, cash prices at Appalachia’s benchmark hub, Eastern Gas South, briefly drifted below $1.20/MMBtu on several trading days and averaged less than $1.35 during the full month, putting pressure on producer… For more info go to https://tinyurl.com/te6p626
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