Natural Gas News – February 9, 2023

Natural Gas News – February 9, 2023

What’s Behind California’s Spiking Natural Gas Prices?

Consumers in many parts of the U.S. are paying sky-high prices for natural gas. But that’s especially true in California, where some ratepayers report paying twice — and in some cases nearly three times — what they were paying at this time last year. In this era of higher costs for seemingly everything, Joshua Fields recently did an audit of his finances. “And I realized my gas bill was upwards of $300,” he said, adding that that’s compared to about $125 a month around the same time last year. Fields lives just outside of Sacramento, California, and gets his gas from PG&E. His family started trying to conserve. “We put up plastic sheeting to kind of help insulate the house a little bit more. We bought an electric heater,” he said. “The gas bill was the same price.” Utilities make money from delivering — not selling… For more info go to https://bit.ly/40Fzwax

Nat-Gas Rallies on Hopes Freeport Terminal Will Reopen

March Nymex natural gas (NGH23) on Tuesday closed up +0.127 (+5.17%). Mar nat-gas Tuesday rallied sharply on hopes that the Freeport LNG export terminal will soon be fully operational. The terminal is expected to receive permission from the Federal Energy Regulatory Commission any day to resume full commercial operations. However, further upside in nat-gas may be contained after forecaster Atmospheric G2 said that “early spring-like warmth” is expected across the majority of the central and eastern U.S. next week, which will curb heating demand for nat-gas. Lower-48 state dry gas production on Tuesday was 100.5 bcf (+9.4% y/y), moderately below the record high of 103.6 bcf posted on Oct 3, according to BNEF. Lower-48 state gas demand Tuesday was 86.8 bcf/day, down by -13.3% y/y, according… For more info go to https://bit.ly/40MvlKm