Nat Gas News – November 21, 2018
Natural Gas Could Test $5 With First Seasonal Draw in Sight
Investing reported: The first natural gas draw of this cold season is expected to figure in today’s weekly inventory report due from the US government at noon EST. Aside from marking the unofficial start to winter, there’s usually little fanfare from this event. That said, 2018 has been no ordinary year for natural gas, and this draw could also bring its own drama. With daily price swings of up to 19 percent, natural gas futures on the New York Mercantile Exchange have returned to their legendary “Wild West” of commodities billing, with bucking-bronco-like gyrations seen through last week. Now, for the first time in nearly five years, NYMEX’s front-month gas contract, December, could test the key $5 pricing mark as stockpiles of the fuel start getting drawn from underground caverns to meet power demands for heating. For more on this story visit investing.com or click https://bit.ly/2OY3zUO
East Timor to Buy Shell’s Stake in Greater Sunrise Gas Fields For $300 Million
Reuters reported: East Timor has agreed to buy Royal Dutch Shell’s stake in the Greater Sunrise natural gas fields off the northern coast of Australia for $300 million, the government and Shell Australia said on Wednesday. The agreement for Shell’s 26.56 percent stake in the project will allow the tiny nation to push for development of the field. The site, which was discovered in 1974, straddles the maritime border between Australia and East Timor and disputes between the two countries over the border has delayed development. “Although we formed different views about the optimal development scenario, we understand the priorities of the Timor-Leste Government and wish it well in pursuing its aspirations to develop this important resource for the nation,” executive Zoe Yujnovich of Shell Australia said in the statement. “This sale aligns with our global strategy to reshape Shell into a simpler and more resilient company.” For more on this story visit reuters.com or click https://reut.rs/2R2GL8k
