Natural Gas News – January 24, 2023

Natural Gas News – January 24, 2023

Natural Gas Prices Jump 10% In Early Trading

Natural gas prices have started the week with a gain of over 10 percent, but the recent trends in the price have concerned some in the U.S. gas industry. Last week, prices shed 7.17 percent, extending a streak of weekly losses that began in the middle of last December. Some have suggested prices could slump to less than $2 per million British thermal units Over the past four weeks, natural gas prices lost some 50 percent—a substantial and sharp plunge that prompted Chesapeake’s chief executive to suggest supply growth might have to be moderated In a recent interview with Bloomberg, Nick Dell’Osso said that “Growth in gas supply is not needed in the short term. We do think the industry should acknowledge that and may reduce growth in the near term.” In this, Dell’Osso echoed an earlier statement by the chief exec… For more info go to https://bit.ly/3HCFqSB

U.S. NatGas Futures Jump 7% On Forecasts For Colder Weather

U.S. natural gas futures jumped about 7% on Monday from a 19-month low in the prior session on forecasts for colder weather and higher heating demand over the next two weeks than previously expected. That price increase came even though many in the market believe the United States has more than enough gas in storage for the rest of the winter and growing expectations that Freeport LNG’s liquefied natural gas (LNG) export plant in Texas will not return to service until February or later. Freeport LNG, meanwhile, has said repeatedly that the plant is on track to restart in the second half of January, pending regulatory approvals. Analysts, however, don’t believe that timeline because the company has already delayed its planned restart many times from October to November to December and most… For more info go to https://yhoo.it/3WuiA3H

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