Natural Gas News – January 2, 2024
Natural Gas News – January 2, 2024
Natural Gas Prices Forecast for 2024: Could Turn Bullish
The natural gas market in 2023 was marked by significant volatility and a general downturn in pricing, indicative of a challenging year for market performance. The U.S. benchmark Henry Hub spot price, a key indicator of natural gas prices, averaged around $2.80 per million British thermal units (MMBtu) for the winter heating season,
reflecting a notable decrease from previous forecasts. This downward price adjustment was mainly due to an increase in U.S. natural gas production, which reached record highs. November 2023 saw an average production of about 105 billion cubic feet per day (Bcf/d), contributing to an oversupply in the market. Furthermore, the high production levels, coupled with milder winter weather, led to reduced consumption and subsequently higher storage inventories. By the end of November, storage… For more info go to https://shorturl.at/gsEI5
EU, U.S. Strike LNG Deal In Bid To Reduce Bloc’s
The European Union and the United States have struck a deal under which the bloc will receive at least 15 billion cubic meters of U.S. liquefied natural gas (LNG) this year in an effort to wean itself off Russian gas imports. The announcement came as U.S. President Joe Biden and European Commission President Ursula von der Leyen
unveiled the formation of a task force on March 25 to reduce Europe’s reliance on Russian fossil fuels following Russia’s invasion of Ukraine. “Today we’ve agreed on a joint game plan for that goal, while accelerating our progress towards a secure, clean energy future,” Biden told a joint news conference with von der Leyen, adding their initiative would also seek to maximize the use of renewable energy and reduce energy demand. “This initiative focuses on two core … For more info go to https://shorturl.at/BEFKW
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