Natural Gas New – June 27, 2024
Natural Gas News – June 27, 2024
Natural Gas News: Will Strong Production Lead to Further Declines?
U.S. natural gas prices experienced a significant drop last week, falling over 6% as increased production and shifting weather patterns drove market sentiment. Last week, Natural Gas futures settled at $2.705, down $0.176 or -6.11%. Natural gas futures continued their decline, with prices falling for the fifth time in six sessions by Thursday. This drop was driven by robust production levels, notably from the Appalachian region, which offset the impact of extreme heat across much of the United States. The latest EIA report showed that working gas in storage reached 3,045 Bcf, 561 Bcf above the five-year average, indicating ample supply despite high demand from power generation. While excessive heat across the Midwest and East boosted spot prices due to increased cooling demand, futures struggled under the weight o… For more information, go to https://www.fxempire.com/forecasts/article/natural-gas-news-will-strong-production-lead-to-further-declines-1440523
China’s LNG imports set to slow
China appears to have taken advantage of low prices in the spot market so far in 2024 to boost the amount of gas in storage, absorbing some of the extra fuel that would otherwise have been sent to Europe. But as storage facilities fill and spot prices rise, the intake is likely to taper over the summer, redirecting more liquefied natural gas (LNG) cargoes to Europe and accelerating the fill rate at the other end of Eurasia. To the frustration of foreign analysts, China does not publish statistics on gas, oil or coal inventories, which are considered commercially sensitive and a matter of national security. But the country consumed a record 55 million metric tons of gas from overland pipelines and sea-borne LNG in the first five months of 2024, according to data from the General Administrati… For more information, go to China’s LNG imports set to slow | Reuters
This article is part of Daily Natural Gas Newsletter
Tagged:
MARKET CONDITION REPORT - DISCLAIMER
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.
