Natural Gas News – December 28, 2023
Natural Gas News – December 28, 2023
Russia: U.S. sanctions against Arctic LNG
MOSCOW, Dec 27 (Reuters) – U.S. sanctions targeting Russia’s massive Arctic LNG 2 project are unacceptable and undermine global energy security, the Russian foreign ministry’s spokeswoman said on Wednesday. The project, located in the Gydan Peninsula in the Arctic, is a key element in Russia’s efforts to boost its share of the global liquefied natural gas (LNG) market to a fifth by 2030-2035 from 8% now. Western countries have imposed wide-ranging sanctions against Russian firms and individuals following the Kremlin’s decision to send tens of thousands of troops into Ukraine in Feb. 2022, seeking to cripple Moscow’s military might. Last month, Washington announced sanctions against Arctic LNG 2. “We consider such actions unacceptable, especially in relation to such large international commercial projects as Arctic… For more info go to https://shorturl.at/rwD13
Natural Gas Prices Forecast: Lower as Weather
U.S. natural gas futures experienced a significant 5.26% drop on Tuesday, indicating a volatile close to 2023. This downturn comes despite last week’s uptick, which broke a six-week losing streak. The decline aligns with unexpectedly bearish weather forecasts predicting light demand through December 30th, followed by colder temperatures favoring gas use in early January. At 13:01 GMT, February natural gas futures are trading $2.369, down $0.131 or -5.26%. Last week’s market saw a tussle between bulls and bears over January 2024 contracts, with bulls ultimately pushing a period close in the green. However, NatGasWeather’s report suggests a cautious approach due to an exceptionally warm December and reliance on colder weather in early January to drive demand. The Energy Information… For more info go to https://shorturl.at/tCO25
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