Natural Gas News – September 5, 2024
Natural Gas News – September 5, 2024
Will OPEC+ Delay Boost Oil Prices Amid Bearish Trends?
Oil prices saw a slight recovery after hitting multi-month lows, driven by expectations that OPEC+ may delay its planned output increase and falling U.S. crude inventories. The Organization of the Petroleum Exporting Countries (OPEC+) is reconsidering its scheduled October production hike due to weak Chinese demand and an easing of Libya’s export disruptions. Data from the American Petroleum Institute (API) showed a significant 7.4 million-barrel drop in U.S. crude stocks, offering further support. However, ongoing concerns about sluggish global demand, particularly from China, continue to limit price gains. Natural Gas (NG) is trading at $2.25, down by 0.49%, indicating a bearish trend on the 4-hour chart. The price action shows a clear resistance at $2.147, with NG forming a bearish engulfing pattern. A string of … For more info go to https://tinyurl.com/5dpcehpd
Nat-Gas Prices Jump as US Issues a New LNG Export Permit
October Nymex natural gas (NGV24) on Tuesday closed up by +0.076 (+3.57%). Oct nat-gas prices Tuesday climbed to a 1-week high and settled sharply higher. Nat-gas prices rose after the US Department of Energy on Saturday awarded a five-year LNG export license to New Fortress Energy to sell gas to countries that do not have a free trade agreement with the US. This is the first time since January that the Energy Department has granted a LNG export license and is supportive of prices since an increase in LNG exports could reduce US nat-gas supplies and shrink elevated inventories. Last Wednesday, nat-gas prices sank to a 4-month low due to robust supplies and forecasts for moderate temperatures that will reduce nat-gas demand. US nat-gas supplies as of August 23 were +12.1% above their 5-year… For more info go to https://tinyurl.com/7ch5enva
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