Natural Gas News – December 20, 2022

Natural Gas News – December 20, 2022

 

U.S. Poised to Become Net Exporter of Crude Oil in 2023

The United States has become a global crude oil exporting power over the last few years, but exports have not exceeded its imports since World War II. That could change next year. Sales of U.S. crude to other nations are now a record 3.4 million barrels per day (bpd), with exports of about 3 million bpd of refined products like gasoline and diesel fuel. The United States is also the leading liquefied natural gas (LNG) exporter, where growth is expected to soar in coming years. But the United States consumes 20 million barrels of crude a day, the most in the world, and its output has never exceeded 13 million bpd. Until recently, the idea that it would be anything but a big crude importer was folly. Last month, U.S. government data showed net U.S. crude oil imports fell to 1.1 million barrels per day (bpd), the low… For more info, go to https://reut.rs/3PEBcfx

 

 

Natural Gas Price Fundamental Daily Forecast

Natural gas futures are trading higher late in the session on Thursday after reversing earlier weakness. The catalysts behind the market’s strength are a bigger-than-expected storage draw in today’s government report, an increase in gas flows to liquefied natural gas (LNG) export plants, and a drop in output as extreme cold from North Dakota to Texas caused oil and gas wells to freeze. At 19:40 GMT, March natural gas futures are trading at $5.792, up $0.172 or +3.06%. The United States Natural Gas Fund ETF (UNG) is at $20.90, up
$1.43 or +7.34%. The U.S. Energy Information Administration (EIA) reported a draw of 50 billion cubic feet (Bcf) of gas from storage during the week-ended December 9, exceeding the 45 Bcf decline analysts forecast in a Reuters poll and compared with a decrease of 83 Bc… For more info, go to https://bit.ly/3WyRoku

 

 

 

 

 

Market Condition Report - Disclaimer
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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