Natural Gas News – April 16, 2019

Natural Gas News – April 16, 2019

Department of Energy Announces $39 Million for Oil and Natural Gas R&D Projects

Zacks reported: The U.S. Energy Department’s weekly inventory release showed a smaller-than-expected increase in natural gas supplies. However, the injection was higher than the five-year average. Stockpiles held in underground storage in the lower 48 states rose by 25 billion cubic feet (Bcf) for the week ended Apr 5, below the guidance (of 33 Bcf gain) as per the analysts surveyed by S&P Global Platts. However, the increase was higher than the five-year (2014-2018) average net injection of 5 Bcf, while the reported week saw a drop of 20 Bcf last year. Despite past week’s supply addition, at 1.155 trillion cubic feet (Tcf), natural gas inventories are 485 Bcf (29.6%) under the five-year average and 183 Bcf (13.7%) below the year-ago figure. For more on this story visit zacks.com or click https://bit.ly/2UmVrA7

NET Mexico Maintenance to Cut US Natural Gas Exports by Up to 1.3 Bcf/d

S&P Global reported: Maintenance on the NET Mexico Pipeline will cut US natural gas exports points south of the border starting Tuesday. The capacity reduction, up to 1.3 Bcf/d, will cut gas consumption in northeastern Mexico and increase reliance on LNG sendout there, pressuring cash prices on either side of border. In early trading Monday, gas prices in East Texas were down sharply. Houston Ship Channel cash prices fell 15 cents from Friday’s settlement, trading around $2.50/MMBtu. At Katy Hub, spot prices were down 11 cents trading around $2.52/MMBtu, data from the Intercontinental Exchange showed. Prices across US Southeast and Gulf Coast were lower across the board on Monday. Notably sharper downward movements in East Texas, though, could be due in part to the anticipated pushback in supply expected across the region starting tomorrow and continuing through Sunday. At the northeastern Mexico’s Reynosa and Monterrey hubs, prices could be expected to move sharply higher in the coming days. For more on this story visit spglobal.com or click https://bit.ly/2PcJcoM

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