Nat Gas News – November 7, 2018
Nat Gas News – November 7, 2018
Natural Gas Prices Surge on Surprise Forecast for Cold Weather Across US
CNBC reported: Natural gas prices are surging after a dramatic change to U.S. weather forecasts indicates that winter like temperatures will grip much of the country in the coming days. The surprise forecast comes on the heels of a two-month rally that pushed natural gas futures up 12 percent through last week. Prices have lately been trading at highs going back to January as U.S. stockpiles of the fuel sit near the lowest levels in over a decade going into the winter season. On Monday, natural gas prices rocketed another 8.6 percent higher. Prices hit a session peak of $3.58 per million British thermal units on Tuesday, the highest level since Jan. 29. “There was a big change in the weather forecast. Not only did it turn colder but it turned much colder in some key heating regions,” said Jen Snyder, director of RS Energy’s gas market practice. For more on this story visit cnbc.com or click https://cnb.cx/2RFeZ1o
China To Boost Shale Oil, Gas Production
Oil Price reported: China’s biggest energy producers are tapping more tight oil and gas wells, aiming to increase domestic oil and natural gas production at the world’s largest crude oil importer and what will soon be the world’s top natural gas importer. As part of a government push to boost domestic energy supply, China National Petroleum Corporation (CNPC) and Sinopec are raising investments to increase local oil and gas production and are accelerating drilling at tight oil and gas formations in western China, the companies have recently announced. Oil demand continues to grow in China, while domestic production has been declining in recent years. This has led to additional—and costly—imports, making China the world’s largest crude oil importer. For natural gas, a similar trend is apparent. A government drive to have millions of residents switch to natural gas from coal has resulted in China surpassing South Korea last year to become the world’s second-largest liquefied natural gas (LNG) importer behind Japan. For more on this story visit oilprice.com or click https://bit.ly/2yUe5HK
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