Natural Gas News – March 7, 2024
Natural Gas News – March 7, 2024
Natural Gas News: Production Cuts Offer
U.S. natural gas futures are experiencing a modest rise as they consolidate for a second day. The market’s focus is on the impending U.S. Energy Information Administration (EIA) weekly storage report. Anticipation is high for today’s EIA report, especially following last week’s bullish outcome. A notable reduction in U.S. production is suggested by the previous week’s larger-than-expected draw. Survey averages predict a draw of -40 billion cubic feet (Bcf), significantly lower than the 5-year average of -93 Bcf. This discrepancy is attributed to warmer temperatures across most of the U.S. and robust wind energy production. Our estimate stands at a draw of -34
Bcf, potentially leading to a surplus increase to +550 Bcf. From March 7-13, weather systems will affect the Western U.S. with varied conditions. The Midwest… For more info go to https://tinyurl.com/4zk94hwy
Nat-Gas Prices Slip
April Nymex natural gas (NGJ24) on Wednesday closed -0.028 (-1.43%). Nat-gas prices on Wednesday closed moderately lower. The outlook for warmer U.S. weather that will reduce heating demand for nat-gas weighed on prices after Maxar Technologies on Wednesday said that forecasts have trended warmer in the central, southern,
and eastern parts of the U.S. from March 11-15. Short-covering on Tuesday pushed nat-gas prices to a 1-month high on carryover support from Monday when EQT Corp, the largest U.S. nat-gas producer, said it would cut about 30 to 40 billion cubic feet of net production through March in response to low prices. Nat-gas prices have collapsed this year and plunged to a 3-1/2 year nearest-futures low (H24) last week as an unusually mild winter curbed heating consumption for nat-… For more info go to
https://tinyurl.com/ynd6bhae
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