Natural Gas News – April 20, 2018
Natural Gas News – April 20, 2018
NYMEX May Gas Declines to $2.686/MMBtu Despite Storage Pull
Platts reported: The NYMEX May natural gas contract dropped in morning trading Thursday despite the release of a larger-than-expected pull from national storage stocks. As of 12:11 pm EDT (1611 GMT), the May contract was trading at $2.686/MMBtu, down 5.3 cents from Wednesday, after moving between $2.676/MMBtu and $2.751/MMBtu. The Energy Information Administration Thursday posted an estimated 36 Bcf draw from gas storage stocks in the week that ended April 13, which came in above the 25 Bcf draw expected by a consensus of analysts S&P Global Platts surveyed. Over the past five years, injections into storage have been seen for the week that ended April 13, according to EIA data, as a 38 Bcf injection has been averaged over the past five years. The withdrawal reported Thursday brings national stock levels to 1.229 Tcf and brings the deficit against the five-year average to an estimated 25.7%, according to EIA data.
The Overlooked Implications of the U.S. Shale Boom
Oilprice.com reported: One of the often-unsung aspects of the shale revolution that has taken place in the U.S.A. over the last few years, is the amount of natural gas that’s been produced. Natural gas, or ‘Natty’ as it is sometimes affectionately referred to, has turned into a bumper crop that America is not quite ready to fully absorb into its economy. Shale, as we are learning, can be gassy due to the way the source rock often accumulates in laucaustrine- like settings, i.e. lake and shallow sea beds. Fine grained sediments filter down through the depths, combining as they do with mostly planktonic marine life, and pack tightly as they are compressed by further sedimentation. Wait a couple of hundred million years.
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