Natural Gas News – June 23, 2020

Nat Gas News June 23, 2020

US natural gas futures steady on rising demand

US natural gas futures held steady on Thursday as a continued drop in liquefied natural gas (LNG) exports offset a forecast increase in demand next week. The US Energy Information Administration (EIA), meanwhile, said utilities injected 85 billion cubic feet (bcf) into storage during the week ended June 12. That matched analysts’ estimate in a Reuters poll and compares with an increase of 111 bcf during the same week last year and a five-year (2015-19) average build of 87 bcf for the period. The increase boosted stockpiles to 2.892 trillion cubic feet (tcf), 16.9% above the five-year average of 2.473 tcf for this time of year. Front-month gas futures settled unchanged at $1.638 per million British thermal units. Looking ahead, futures for the balance of 2020 and calendar 2021 were trading about 29% and 62% over the front month, respectively, on hopes the economy and energy demand will snap back as state governments lift coronavirus-linked lockdowns. For more on this story visit businesrecorder.com or click https://bit.ly/31bMf8R

Higher Western Canada spot prices limit U.S. natural gas imports from Canada

U.S. imports of natural gas by pipeline at U.S.-Canada border crossings in the western United States fell to an estimated average of 6.2 billion cubic feet per day (Bcf/d) in April and 6.3 Bcf/d in May 2020, according to Genscape pipeline flow estimates. Imports by pipeline into these western states account for most U.S. natural gas imports and tend to be less seasonal than imports by pipeline in the eastern United States. In recent months, natural gas spot prices in Alberta, Canada—where nearly all of Canada’s natural gas is produced—have been higher than spot prices at the U.S. natural gas benchmark Henry Hub. For more on this story visit bicmagazine.com or click https://bit.ly/2YoELgT

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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