AVN 68.00 Increased By ▲ 0.02 (0.03%)
BOP 9.70 Decreased By ▼ -0.18 (-1.82%)
CHCC 130.90 Decreased By ▼ -2.60 (-1.95%)
DCL 11.30 Decreased By ▼ -0.25 (-2.16%)
DGKC 113.72 Decreased By ▼ -0.63 (-0.55%)
EFERT 60.53 Increased By ▲ 0.42 (0.7%)
EPCL 43.95 Decreased By ▼ -0.05 (-0.11%)
FCCL 21.10 Increased By ▲ 0.20 (0.96%)
FFL 17.85 Increased By ▲ 0.20 (1.13%)
HASCOL 21.21 Increased By ▲ 0.04 (0.19%)
HBL 131.31 Decreased By ▼ -1.69 (-1.27%)
HUBC 81.01 Decreased By ▼ -0.54 (-0.66%)
HUMNL 8.03 Decreased By ▼ -0.18 (-2.19%)
JSCL 31.56 Increased By ▲ 1.65 (5.52%)
KAPCO 26.56 Decreased By ▼ -0.34 (-1.26%)
KEL 4.22 Increased By ▲ 0.09 (2.18%)
LOTCHEM 12.46 Decreased By ▼ -0.44 (-3.41%)
MLCF 39.81 Decreased By ▼ -0.36 (-0.9%)
OGDC 106.00 Decreased By ▼ -2.25 (-2.08%)
PAEL 37.25 Decreased By ▼ -0.85 (-2.23%)
PIBTL 13.25 Decreased By ▼ -0.37 (-2.72%)
PIOC 98.69 Decreased By ▼ -0.31 (-0.31%)
POWER 9.18 Decreased By ▼ -0.06 (-0.65%)
PPL 93.22 Decreased By ▼ -2.05 (-2.15%)
PSO 202.00 No Change ▼ 0.00 (0%)
SNGP 64.22 Decreased By ▼ -1.18 (-1.8%)
STPL 13.88 Decreased By ▼ -0.43 (-3%)
TRG 55.85 Decreased By ▼ -0.70 (-1.24%)
UNITY 18.13 Increased By ▲ 0.52 (2.95%)
WTL 1.20 Decreased By ▼ -0.02 (-1.64%)
BR100 4,326 Decreased By ▼ -29.03 (-0.67%)
BR30 22,038 Decreased By ▼ -186.4 (-0.84%)
KSE100 41,612 Decreased By ▼ -264.56 (-0.63%)
KSE30 17,554 Decreased By ▼ -120.45 (-0.68%)
COVID-19 TOTAL DAILY
CASES 308,217 799
DEATHS 6,437 5
Markets

US natgas futures ease with weather expected to turn milder

  • Front-month gas futures fell 3.7 cents, or 1.6%, to $2.325 per million British thermal units.
  • With cooler weather coming, Refinitiv projected demand, including exports, would fall from 85.2 bcfd this week to 81.8 bcfd next week.
16 Sep 2020

US natural gas futures eased on Wednesday on forecasts confirming the weather will turn milder over the next two weeks.

That price decline came despite a continued rise in liquefied natural gas exports and a drop in output to its lowest in over two years after producers shut-in wells before Hurricane Sally smashed into the Gulf Coast.

Sally knocked out power to over 430,000 homes and businesses in Alabama and Florida when it hit the Alabama coast early Wednesday. The storm will stay far from any operating LNG export plants as it moves toward Georgia and South Carolina.

Front-month gas futures fell 3.7 cents, or 1.6%, to $2.325 per million British thermal units at 9:08 a.m. EDT (1308 GMT).

Data provider Refinitiv said output in the Lower 48 US states was on track to fall to 84.1 billion cubic feet per day (bcfd) on Tuesday, its lowest since August 2018, due to Sally-related shutdowns. The US Bureau of Safety and Environmental Enforcement (BSEE) said almost 0.8 bcfd, or 28%, of Gulf of Mexico gas production was shut-in on Tuesday.

With cooler weather coming, Refinitiv projected demand, including exports, would fall from 85.2 bcfd this week to 81.8 bcfd next week.

The amount of gas flowing to US LNG export plants, meanwhile, has averaged 5.3 bcfd so far in September. That was the most in a month since May and was up for a second month in a row for the first time since hitting a record 8.7 bcfd in February as global gas prices rise, making US gas more attractive following months of US cargo cancellations due to coronavirus demand destruction.

Cameron LNG's export plant in Louisiana, however, has remained shut since Aug. 27 due to lingering power outages from Hurricane Laura. Some analysts say the plant could remain shut through mid October.