Nat Gas News – June 21, 2017

Nat Gas News – June 21, 2017

Tropical Storm Cindy Forms in Gulf of Mexico South of Louisiana

Bloomberg reports: Tropical Storm Cindy emerged in the Gulf of Mexico with top winds of 45 miles (72 kilometers) per hour. So far, disruptions to oil and gas operations have been limited. The storm prompted watches and warnings along the Texas-Louisiana coast including Galveston Bay, the entrance to the Houston Ship Channel, and Sabine Pass, the site of the only active liquefied natural gas export terminal in the lower 48 states. Storms in the Gulf can often roil energy markets because its offshore rigs and platforms account for about 17 percent of U.S. crude oil output and 4.1 percent of gas production. The last storm to hit the western Gulf was in June 2015. For more visit bloomberg.com or click the following link https://bloom.bg/2sxOPlW

Natural Gas Prices Flat Despite Small Inventory Addition

Nasdaq reports: The U.S. Energy Department’s weekly inventory release showed a smaller-than-expected increase in natural gas supplies, following which the commodity traded up to its highest finish of the month. However, worries over the fuel’s steady production growth offset the gains and kept prices in check. Following past week’s smaller-than-expected climb, the current storage level – at 2.709 trillion cubic feet (Tcf) – is now 322 Bcf (10.6%) lower than the year-ago figure. The bullish inventory numbers spurred a natural gas rally on Thursday with the commodity settling at its highest since May 31. However, natural gas gave up all its gains on Friday as investors took note of steadily rising U.S. production over the past two months. As a result, natural gas ended Friday at $3.037 per MMBtu – virtually unchanged from the previous week. For more on this story visit nasdaq.com or click http://bit.ly/2sxAAOh