Natural Gas News – September 19, 2024
Natural Gas News – September 19, 2024
Prices Slip Below Key Moving Average, Eyes on EIA Report
U.S. natural gas futures are trending lower on Thursday as traders await the Energy Information Administration’s (EIA) weekly storage report. After slipping below the 50-day moving average of $2.285, the market now hovers near critical support levels at $2.252 and $2.214. These pivots are likely to dictate short-term market direction leading into today’s close, particularly as traders digest storage data and supply-demand balances. Adding to the market’s current volatility is a shift in the key resistance level. The main top has dropped from $2.482 to $2.436, making this the new threshold to watch. A break above this level could trigger a trend reversal, setting the next target at $2.757. Despite this potential, the front-month futures contract is down for the third consecutive session, weighed by changing autumn … For more info go to https://tinyurl.com/mr22pc2v
Worlds Largest Renewable Natural Gas Plant To Open In Louisiana
Woodland Biofuels plans to build a $1.35 billion facility in St. John Parish to produce biofuel, the company announced Tuesday. Why it matters: It will be the world’s largest carbon-negative “renewable” natural gas plant, officials say. The big picture: The Toronto-based company expects to build at the Globalplex multimodal facility at the Port of South Louisiana in Reserve. Operations are scheduled to start in 2028, according to a press release. The project will create 110 direct jobs and about 500 construction jobs. Louisiana Economic Development offered Woodland an incentive package that includes a $10 million performance-based grant.The company is also expected to participate in the state’s programs that offer industrial tax exemptions and cash rebates based on payroll. It also plans t… For more info go to https://tinyurl.com/3ux3v8e6
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