Natural Gas News – July 18, 2024
Natural Gas News – July 18, 2024
Market Awaits EIA Report with Bullish Indicators on the Rise
U.S. natural gas futures held relatively steady on Thursday, as traders anticipate the release of the weekly storage report from the Energy Information Administration (EIA). The market is poised for potential volatility, with fundamentals showing signs of a bullish shift despite Wednesday’s significant sell-off. Natural gas production has dipped below the crucial 100 Bcf/d mark, a key threshold for market sentiment. This decline, coupled with Freeport LNG’s preparations to increase production, could provide support for prices. Freeport LNG has nominated more feed gas, indicating a phased restart of its facility following damage from Hurricane Beryl. High pressure
systems are dominating the western and southern United States, driving temperatures into the 90s and 100s in these regions. However, cooler conditions… For more info go to https://bit.ly/3YrTsPN
China’s Natural Gas Production Surged in First Half of 2024
China’s natural gas production increased by 6% in the first half of the year compared to the same period a year earlier as state companies are boosting domestic output with new field start-ups. Chinese natural gas production stood at 123.6 billion cubic meters (bcm) in January to June, up by 6% year-over-year, per data by China’s
National Bureau of Statistics (NBS) released on Monday. In June alone, China’s natural gas production jumped by 9.6% compared to the same month of 2023, according to the official statistics data reported by the Xinhua news agency. Earlier this year, for example, state energy giant Sinopec started production at a natural gas field
that has an annual capacity estimated at 2 billion cubic meters. The field, located in the province of Sichuan, has reserves estimated…
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