Natural Gas News – September 2, 2022

Natural Gas News – September 2, 2022

POLL-U.S. natgas stockpiles seen up 58 bcf in week to Aug. 26

U.S. utilities likely added a larger-than-usual58 billion cubic feet (bcf) of natural gas to storage last week, a Reuters poll showed on Wednesday. That injection for the week ending Aug. 26 compares with a build of 21 bcf during the same week a year ago and a five-year (2017-2021) average injection of 46 bcf. In the week ended Aug. 19, utilities added 60 bcf of gas to storage. USOILN=ECI. The forecast for the week ended Aug. 26 would lift stockpiles to 2.637 trillion cubic feet (tcf), about 11.5% below the five-year average and 8.1% below the same week a year ago. The U.S. Energy Information Administration will release its weekly storage report at 10:30 a.m. EDT (1430 GMT) on Thursday. The projected build would come despite the relatively warmer conditions that boost demand for the fuel to keep air conditioners… For more info go to https://bit.ly/3CUKKPe

As natural gas prices jump, shale oil firms get gassy

Natural gas a few years ago was so unwanted that U.S. shale oil producers sold it at cost just to pump more oil. Today, prices are near 14-year highs, and new export terminals are rising along with production forecasts. The result is an earnings bonanza for companies that once shunned the fuel as an annoying by-product. U.S. benchmark natural gas prices in late August topped $10 per million British thermal units (mmBtu), a level not seen since 2008, and the boom-bust cycles from North American demand appear to have been broken amid surging exports. The U.S. fuel has become key to Western Europe cutting its reliance on Russian gas. Liquefied gas exports this year have averaged 11.5 billion cubic feet per day, up 18% year-over-year. There are at least four new export projects under… For more info go to https://reut.rs/3RrlHHk

September 2, 2022

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