Natural Gas News – October 8, 2024
Natural Gas News – October 8, 2024
Hurricane Milton Threatens to Shake Up Gas Demand – What’s Next?
Natural gas futures faced strong resistance at $2.937-$3.206, limiting gains after testing the $3.00 level. Tropical Storm Milton may lower gas demand as power outages in Florida could dampen natural gas consumption. Despite a smaller EIA storage build of 55 Bcf, inventories remain 190 Bcf above the five-year average, capping price gains. Cooler weather forecasts suggest rising heating demand, but mild conditions across much of the U.S. could keep it limited. Natural gas prices experienced choppy trading this week, driven by a combination of weather forecasts, supply data, and technical resistance levels. The November Nymex futures contract closed at $2.854, down 1.65% from a weekly high of $3.019. Despite briefly surpassing the $3.00 mark earlier in the week, prices struggled to
maintain gains due to a mix of… For more info go to https://tinyurl.com/3yn3fdww
US Drives Global Natural Gas Demand to New Highs in 2024
LITTLETON, Colorado, Oct 8 (Reuters) – Power producers in the United States have lifted natural gas-fired generation to new highs over the first nine months of 2024, sustaining the country’s position as the leading driver of global natural gas consumption. Natural gas’s share in the U.S. generation system also climbed to new highs this year. Gas supplied a record 46% of total power since June, LSEG data shows, as power firms boosted output from all
sources to meet rising power demand. The fast growth pace of gas use in the U.S. undermines the country’s credibility as a potential leader in energy transition efforts, and is at odds with stated ambitions to lower fossil fuel use in power generation by 2030. Yet most key power systems within the U.S. – which is also the world’s largest natural… For more info go to https://tinyurl.com/3uehhwxf
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