Natural Gas News – January 17, 2023

Natural Gas News – January 17, 2023

U.S. Gas Prices Soar As Models Suggest

Natural gas futures bounced off 18-month lows during the holiday session period as the latest runs of long-term weather models suggest winter might not be over for the Lower 48. US NatGas futures for February delivery moved up 21 cents to $3.63 per million British thermal units. The price is now trading above the 76.4% Fibonacci retracement level of the main drop from the high of $10 in August 2022 and the low of $1.43 in June 2020. The price of NatGas tumbled to an 18-month low last week as mild weather boosted injections into storage facilities by slashing demand. Last week, the Energy Information Administration announced a rare rise in inventories of 11 billion cubic feet in stocks. However, as we’ve pointed out in recent weeks and even days, first in “US NatGas Prices Slide To 18-Month Low On Warm Spell… For more info go to https://bit.ly/3w7MTCf

Chevron Says It Discovered ‘Significant’ Natural Gas

US energy giant Chevron, which operates Israel’s Tamar and Leviathan gas fields off the Mediterranean coast, announced on Sunday that it made a “significant” new gas discovery in an Egyptian offshore field. “Chevron is encouraged and excited by the success of this first exploration well which encountered high-quality reservoirs and follows from Chevron’s entry into the Egyptian upstream sector in 2020,” said Clay Neff, president of Chevron International Exploration and Production. “The Eastern Mediterranean has abundant energy resources, and their development is driving strategic collaboration in the region.” The new gas discovery is located at the Nargis-1 exploration well, which is part of Egypt’s 1,800 square kilometers Nargis Offshore Area concession. With a 45% working interest… For more info go to https://bit.ly/3WggeVJ

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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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