Natural Gas News- July 28,2022
How We Called The Record Hot Summer And Explosion In Nat Gas Prices
The last time I submitted an article on Seeking Alpha, natural gas (UNG)
prices were under pressure from the shut-down of the FreePort, Texas
LNG export facility. They were collapsing to below $6.00 a month or so
ago. However, I disclosed an overall bullish summer outlook for natural
gas prices based on what I expected would be one of the hottest
summers on record. You can see the headlines of one of my latest
newsletters. In addition, the severe western U.S. drought means the 2nd
year in a row of limited hydropower supplies and a conversion to natural
gas for millions of residents and commercial properties. Since then, the
ETF NYSEARCA:BOIL has soared a whopping 70%. Not to be brash, but
these pundits talking about low solar cycles and/or La Niña weakening
would result in an overall cooling trend, months ago… For more info
go to https://bit.ly/3S7LBB0
Natural Gas Hits Highest Level Since 2008
Natural gas prices are surging around the world as scorching
temperatures stoke demand for the fuel, and as Europe’s push to move
away from Russian fuel roils global energy markets. U.S. natural gas
futures surged more than 11% at one point on Tuesday to $9.75 per
million British thermal units (MMBtu), the highest level since July 2008.
The contract drifted lower over the course of the day, ending the dat at
$8.99 per MMBtu for a gain of 3.05%. Natural gas is now up roughly
66% for July, putting it on track for the best month going back to the
contract’s inception in 1990. EU countries reach deal to cut gas
consumption by 15% over coming months: WSJ “Although the
magnitude and speed of recent natural gas price gains point to
contributing non-fundamental market dynamics, supportive …
For more info go to https://bit.ly/3S7LBB0
EIA: US became the world’s largest LNG exporter in the first half of 2022
The United States became the world’s largest liquefied natural gas (LNG)
exporter during the first half of 2022, according to data from CEDIGAZ.
reported by the US Energy Information Administration (EIA). Compared
with the second half of 2021, US LNG exports increased by 12% in the
first half of 2022, averaging 11.2 billion cubic feet per day (Bcf/d). US
LNG exports continued to grow for three reasons: increased LNG export
capacity, increased international natural gas and LNG prices, and
increased global demand, particularly in Europe. According to EIA
estimates, installed US LNG export capacity has expanded by 1.9 Bcf/d
nominal (2.1 Bcf/d peak) since November 2021. The capacity additions
included a sixth train at the Sabine Pass LNG, 18 new mid-scale
liquefaction trains at the Calcasieu Pass LNG, and increased… For
more info go to https://bit.ly/3S7LBB0
This article is part of Daily Natural Gas Newsletter
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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.
