Natural Gas News – August 22, 2024
Natural Gas News – August 22, 2024
EIA Report Looms Today as Futures Test Key Support Levels
Natural gas futures trend lower as traders anticipate today’s crucial EIA storage report and test key support levels. Analysts predict a bearish impact from today’s EIA storage build, with expectations ranging from +25 to +35 Bcf. Major support levels at $1.907 to $1.882 could be tested if today’s EIA report shows a larger-than expected build. U.S. natural gas futures are trending lower on Thursday morning, with traders cautious ahead of the weekly storage
report from the Energy Information Administration (EIA) due at 14:30 GMT. The market’s recent struggle to surpass the resistance levels between $2.301 and $2.315 has shifted the focus towards the pivot price support at $2.091. This marks the second test of this support level within the week, raising questions about whether buyers will step in to halt the price… For more info go to https://tinyurl.com/4zcvu7zn
The World’s Biggest Gas Reservoir Is At A Tipping Point
Iran is investing $70 billion to address declining output from the crucial South Pars gas field. The decline in production threatens to reduce Iran’s petrol output by 40% and increase petrochemical costs by up to $12 billion annually. Challenges include outdated technology, geopolitical tensions with Qatar, and potential inefficacy of local and Chinese contractors to mitigate the field’s production decline. Iran is embarking on a US$70 billion investment programme of measures to attempt to halt a dramatic decline in output from its crucial South Pars gas field. A failure to do so will result in the loss of 40 percent of the country’s petrol output from the Persian Gulf Star gas condensate refinery, and the addition of up to US$12 billion a year of petrochemical costs, according to Iranian … For more info go to https://tinyurl.com/4xtd7ahu
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