Natural Gas News – February 17, 2022

Natural Gas News – February 17, 2022

U.S. natgas jumps almost 10% to near 2-week high on colder forecasts

U.S. natural gas futures jumped almost 10% to a near two-week high on Wednesday on forecasts for much colder weather and higher heating demand through early March than previously expected. Traders noted that prices rose despite the slow return of U.S. production from cold weather-related reductions over the past month, and a 6% drop in European TRNLTTFMc1 gas futures due to what looks like an easing of Russia-Ukraine tensions. Over the past month or so, the United States has worked with other nations to ensure that gas supplies — mostly from liquefied natural gas (LNG) — would keep flowing to Europe in case Russia cuts off exports to the rest of the continent. The United States and Europe have said they would sanction Russia if it invaded Ukraine, likely prompting Russia to cut some gas exports to Europe. Russia … For more info go to https://bit.ly/3GZgqRA

US gas storage fields look to drain approximately 200 Bcf as deficit widens

The US Energy Information Administration is expected to report a 197 Bcf withdrawal for the week-ended Feb. 11, according to a survey of analysts by S&P Global Platts. However, responses to the survey ranged from a 185 to 214 Bcf withdrawal. The EIA plans to release its weekly storage report on Feb. 17 at 10:30 am ET. A 197 Bcf withdrawal would be more than the five-year average draw of 154 Bcf but less than the 227 Bcf pull reported during the corresponding week in 2021. It would reduce stocks to 1.904 Tcf. The deficit to last year would contract to 411 Bcf. The deficit to the five-year average would grow to 258 Bcf. The report for the week ended Feb. 11 might end the month-long streak of withdrawals exceeding 200 Bcf, though there is some risk to the high side of the 197 Bcf survey average. Overall, supply and d… For more info go to https://bit.ly/3GVhExl