Natural Gas News – October 3, 2024
Natural Gas News – October 3, 2024
Market Awaits Report as Inventory Forecast Boosts Bullish Outlook
Natural gas futures climb as traders anticipate smaller-than-average storage injection in EIA report . EIA report expected to show +56 Bcf build, well below five-year average of +98 Bcf. Technical resistance near $2.939 and $2.968 may cap gains. Psychological $3.00 barrier tested; breakthrough could accelerate buying towards $3.110
Fibonacci level U.S. natural gas futures are climbing as traders anticipate the Energy Information Administration’s (EIA) Weekly Storage report. This report, scheduled for release today, is expected to show a smaller-than-average injection into storage, providing a bullish catalyst for the market. However, traders are facing resistance levels that could cap gains and bring potential downside risk. At 13:16 GMT, Natural Gas futures are trading $2.952, up $0.066 or +2.29%. Natural gas… For more info go to
https://tinyurl.com/3xk55k9c
Production, Consumption Show China Gaining Ground in Its Gas Goals
China’s latest Natural Gas Development Report shows the nation made gains last year in efforts to restructure its natural gas market, increasing domestic production and consumption; boosting imports of liquefied natural gas; adopting technologies to boost domestic exploration and production and cut emissions; and reforming pipeline
transmission tariffs.[1] The new tariffs are likely to help grow natural gas supplies, reduce end-user costs and increase consumption. The world’s top importer of natural gas now supplies about 60 percent of its demand with domestic supplies, thanks in part to reforms aimed at increasing domestic supplies and consumption. As the world takes on many challenges from climate change and energy transition, China’s use and views of natural gas in its energy mix are… For more info go to https://tinyurl.com/2j8u3mvm
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