Natural Gas News – June 29, 2021

Natural Gas News – June 29, 2021

US nat gas futures up to fresh 29-month high on Northwest heat wave

US natural gas futures climbed to a fresh 29-month high on Monday as a heatwave boosted power prices in the Pacific Northwest to all-time highs and on expectations soaring global gas prices will increase US exports to record levels. Traders noted gas futures rose despite
forecasts for slightly milder weather and less air conditioning demand over the next two weeks than previously expected. On their last day as the front-month, gas futures for July delivery on the New York Mercantile Exchange (NYMEX) rose 6.2 cents, or 1.8%, to $3.558 per million British thermal units (mmBtu) at 8:58 a.m. EDT (1258 GMT), putting the contract on track for its highest close since January 2019 for the third day in a row. August futures, which will soon be the front-month, were up about 6 cents to $3.58 per mmBtu. Last week, US spec… For more info go to https://bit.ly/3621H8K

U.S. power and natgas prices spike in Texas and California heatwaves

June 15 (Reuters) – Power and natural gas prices in Texas and California spiked this week to their highest levels in months as homes and
businesses cranked up air conditioners to escape brutal heatwaves. The Electric Reliability Council of Texas (ERCOT), which operates most of the state’s power system, urged consumers on Monday to conserve energy during peak hours through Friday. read more The California ISO, which operates most of that state’s grid, told consumers to prepare to conserve energy if needed. Both grids have imposed rotating outages over the last year to avoid widespread collapses of their power systems – California in August 2020 and Texas in February 2021. Rotating outages are supposed to leave a limited number of customers without service for a short time before switching t… For more info go to https://reut.rs/3hlTX6N

 

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