Natural Gas News – February 5, 2018
Natural Gas News – February 5, 2018
China’s Soaring Natural Gas Output Unable to Meet Demand Set Loose in Pollution Fight
Reuters reported: China’s natural gas production is rising at the fastest pace in four years but that will not be enough to meet the demand for the fuel that has been unleashed through a government program to raise gas usage in order to clean the country’s polluted air. Gas output in China roseto a record 147.4 bcm last year, up 8.5 percent from 2016, data from the National Bureau of Statistics showed. China, the world’s largest energy consumer, was the world’s sixth-largest gas producer in 2016 after rising investments over the past 20 years. However, consumption is surging even faster, climbing 15 percent in 2017 to 237 bcm, according to the National Development and Reform Commission. Gas production is forecast to climb by between 6 percent to 8 percent per year through 2020, according to researchers at China National Petroleum Corp. SIA expects China’s 2018 gas output to rise by around 8 percent, or roughly 12 bcm, at the same time that gas demand will rise by 30 bcm, or 12.5 percent, to 270 bcm. For more on this story visit reuters. com or click http://reut.rs/2GPN7n1
NYMEX March Natural Gas Down 1 Cent but Slows Declines on Technicals
Platts reported: After a 1.0 cent drop to close at $2.846/ MMBtu Friday, NYMEX March natural gas futures edged briefly higher overnight ahead of Monday’s open as technical buying view with fundamental pressure. But the market then turned lower again. FAfter the March contract logged a net 32.1 cent drop since becoming front month on Jan. 30, a burst of opportunist buying buoyed the futures market overnight. But the upside remains limited by weakness implied by recent and projected low weatherrelated demand. Natural gas demand ended January on a weak note in generally warmer weather, with the EIA’s latest update for the week ended Jan. 31 showing a 2% drop in US gas consumption. For more visit platts.com or click http://bit.ly/2EiaEy8
This article is part of Daily Natural Gas Newsletter
Tagged:
MARKET CONDITION REPORT - DISCLAIMER
The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.
