Natural Gas News – October 1, 2024
Natural Gas News – October 1, 2024
Bearish Market Forecast as Output and Weather Curb Prices
Natural gas futures fall below key levels as bearish momentum sets in, with a potential test of $2.676 looming. Permian Basin pipeline data hints at rising output in October, intensifying supply pressures on natural gas prices. Mild U.S. weather forecast for October signals low natural gas demand, further weakening futures. Hurricane
Helene disrupts Gulf of Mexico energy production, but effects on long-term supply appear minimal. U.S. natural gas futures are edging lower, hovering near key technical levels. November Nymex futures traded down early Tuesday, just below the long-term pivot at $2.937, the minor top at $2.948, and the 200-day moving average of
$2.970. With bearish momentum in place, a test of the short-term pivot at $2.676 is possible in the near term. Natural gas futures declined following data indica… For more info go to https://tinyurl.com/3n3z52y8
Hike in Forecast Natural Gas Demand Helps Keep Markets on Edge
As Europe enters the fourth quarter, and the official start of the gas winter, markets remain on edge, with the expiry of the Russia-Ukraine gas transit deal at year-end in sharp focus. While gas demand is still well down on pre-2022 levels, any new supply disruptions, increased competition from Asia for LNG cargoes or a very cold start to winter could still test market resilience. Prices also remain relatively high, reflecting market jitters, with Platts — part of S&P Global Commodity Insights — assessing the TTF month-ahead price at Eur37.75/MWh ($42.24/MWh) on Sept. 27. This is despite EU storage sites being almost full at 94.2% of capacity as of Sept. 28, with a mild October likely to see stocks reach close to tank-top as Norwegian maintenance winds down. Overall demand levels in Q4… For more info go to https://tinyurl.com/3k7aw6c7
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