Natural Gas News – September 16, 2022
Natural Gas News – September 16, 2022
U.S. NatGas Futures Up 1% on Forecasts for Warmer Weather
U.S. natural gas futures edged up about 1% to a fresh one-week high on Tuesday on forecasts for warmer weather over the next two weeks than previously expected. That small increase occurred even though output was still on track to reach a record monthly high and forecasts for lower demand next week than previously expected. It also coincided with the ongoing outage at the Freeport liquefied natural gas (LNG) export plant in Texas, which has left more gas in the United States for utilities to inject into stockpiles for next winter. Freeport, the second-biggest U.S. LNG export plant, was consuming about 2 billion cubic feet per day
(bcfd) of gas before it shut on June 8. Freeport LNG expects the facility to return to at least partial service in early to mid-November. Front-month gas futures… For more info go to https://reut.rs/3eW0uaq
Nat-Gas Prices Moderately Higher On Hotter U.S. Temps
Oct nat-gas Wednesday posted moderate gains on the outlook for warmer U.S. temperatures to boost nat-gas demand from electricity suppliers to power air conditioning. The Commodity Weather Group said Tuesday that above-normal temperatures are forecast from Texas to New York from September 18-22. However, ramped-up U.S. nat-gas production limited gains in prices Tuesday after lower-48 state total gas production on Monday climbed to a record 101.1 bcf. Lower-48 state total gas production on Tuesday was 98.6 bcf, up +5.8% y/y. Lower-48 state total gas demand on Tuesday was 66.6 bcf/day, down -1.6% y/y. LNG net flow to U.S. LNG export terminals Tuesday was 11.1 bcf/day, down -1.4% w/w. An increase in U.S. electricity output is bullish for nat-gas demand from utility providers. The Edison Electric Institute reported… For more info go to https://bit.ly/3QPzLtm
This article is part of Daily Natural Gas Newsletter
Tagged:
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.
