Natural Gas News – November 1, 2024
Natural Gas News – November 1, 2024
Price Forecast Dips as Inventory Levels Hit Seasonal Highs
Natural gas prices dip as warmer November forecasts limit heating demand, pushing market sentiment toward a bearish outlook. U.S.
natural gas storage climbs 78 Bcf this week, hitting 3,863 Bcf—107 Bcf above last year and exceeding the five-year average. Technical
analysis shows natural gas support at $2.585, with resistance at $2.764, hinting at further potential price declines. U.S. natural gas
futures declined Friday, driven by forecasts of warmer-than-normal November weather, high storage levels, and steady production rates.
Prices have slipped below October’s low, signaling a bearish tone as traders anticipate limited heating demand through mid-November.
Despite steady liquefied natural gas (LNG) demand, ample supplies and reduced demand for heating are weighing heavily on the market. At 14:54 GMT, Natural Gas… https://tinyurl.com/4yr8uy27
Germany Posts Second Consecutive Year Drop in Gas Consumption
Germany posted a second consecutive year-on-year decline in gas consumption for the week ended Oct. 27, with usage remaining well
below pre-crisis levels, data from the country’s energy regulator showed Nov. 1. According to Bundesnetzagentur data, total consumption averaged 2.09 TWh/d, down 8% from the same week in 2023 and 20% lower than the pre-crisis average for the week from
2018 to 2021. It followed a 7% year-on-year drop in consumption in the week to Oct. 20 after six weeks of consecutive year-on-year
increases. Gas consumption in Germany has stayed significantly below pre-crisis levels from 2022 to 2024, with demand spiking only
during unseasonably cold weather, most recently in January and April. It hit multiyear lows earlier in the summer. Industrial gas
consumption — including t… For more info go to https://tinyurl.com/2bdh3mj7
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