Natural Gas News – August 9, 2017

Natural Gas News – August 9, 2017

Oil Stuck At $50 As OPEC Output Jumps

Oil Price reports: Oil prices faltered on Monday on concerns about slipping OPEC compliance, as well as news that a disruption in Libya had ended. “The petroleum markets are tipping toward the lower end of their recent trading range as oil producers meeting in Abu Dhabi have been slow to assure the market that compliance with this years production cuts will be improved,” Tim Evans, Citi Futures’ energy futures specialist, wrote in a research note. News that Saudi Arabia would cut oil exports (see below) helped steady crude benchmarks on Tuesday. For more visit oilprice.com or click the following link http://bit.ly/2hK9qSA

EIA raises natural gas market production estimates

Platts reports: The US Energy Information Administration nudged up its natural gas production estimates for the fourth quarter and coming year amid rising demand from the generation sector and a boost in exports. “US natural gas production growth is expected to accelerate over the next two years, with growth rates over 2% in 2017 and over 5.5% in 2018,” said EIA Acting Administrator Howard Gruenspecht in a statement accompanying the outlook. In its look at the continued tug-of-war between coal and gas as power plant fuels, EIA forecast that gas’ share of utility scale power generation would fall to about 31% in 2017 from an average of 34% in 2016 amid higher gas prices, increased generation from renewables and coal and easing power demand. EIA forecasts that coal’s share of the generation pie would grow to nearly 32% in 2017 from 30%. Coal and gas will fuel roughly the same proportion of generation the following year, the agency estimated. For more on this story visit platts.com or click http://bit.ly/2hJLVJi

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The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.

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