AGL 5.27 Decreased By ▼ -0.13 (-2.41%)
ANL 8.75 Decreased By ▼ -0.04 (-0.46%)
AVN 76.62 Increased By ▲ 0.37 (0.49%)
BOP 5.22 Increased By ▲ 0.03 (0.58%)
CNERGY 4.44 Decreased By ▼ -0.04 (-0.89%)
EFERT 81.32 Increased By ▲ 0.22 (0.27%)
EPCL 49.39 Increased By ▲ 0.38 (0.78%)
FCCL 12.80 Increased By ▲ 0.10 (0.79%)
FFL 5.59 Decreased By ▼ -0.03 (-0.53%)
FLYNG 6.90 Decreased By ▼ -0.03 (-0.43%)
FNEL 4.67 Increased By ▲ 0.02 (0.43%)
GGGL 8.64 Increased By ▲ 0.04 (0.47%)
GGL 14.21 Increased By ▲ 0.06 (0.42%)
HUMNL 5.54 Increased By ▲ 0.05 (0.91%)
KEL 2.63 Increased By ▲ 0.04 (1.54%)
LOTCHEM 28.04 Increased By ▲ 0.33 (1.19%)
MLCF 24.05 Increased By ▲ 0.45 (1.91%)
OGDC 71.13 Decreased By ▼ -0.44 (-0.61%)
PAEL 15.34 Increased By ▲ 0.14 (0.92%)
PIBTL 4.87 Decreased By ▼ -0.04 (-0.81%)
PRL 16.08 Increased By ▲ 0.25 (1.58%)
SILK 1.13 Increased By ▲ 0.08 (7.62%)
TELE 9.07 Increased By ▲ 0.08 (0.89%)
TPL 7.09 Decreased By ▼ -0.07 (-0.98%)
TPLP 19.09 Decreased By ▼ -0.09 (-0.47%)
TREET 21.20 Increased By ▲ 0.06 (0.28%)
TRG 139.80 Increased By ▲ 3.30 (2.42%)
UNITY 16.77 Increased By ▲ 0.01 (0.06%)
WAVES 9.41 Increased By ▲ 0.26 (2.84%)
WTL 1.36 Decreased By ▼ -0.02 (-1.45%)
BR100 4,186 Increased By 30.5 (0.73%)
BR30 15,467 Increased By 131.3 (0.86%)
KSE100 41,819 Increased By 279.4 (0.67%)
KSE30 15,448 Increased By 82.9 (0.54%)
Markets

US natgas futures jump over 4pc on big storage draw

  • The US Energy Information Administration said utilities pulled 91 billion cubic feet (bcf) of gas from storage during the week ended Dec. 4.
  • Front-month gas futures rose 11.1 cents, or 4.5%, to settle at $2.553 per million British thermal units.
Published December 11, 2020
Follow us

US natural gas futures jumped over 4% on Thursday on a bigger-than-expected storage draw and forecasts for cooler weather and higher than anticipated heating demand over the next two weeks.

The US Energy Information Administration said utilities pulled 91 billion cubic feet (bcf) of gas from storage during the week ended Dec. 4. Analysts said that big draw was likely due to record liquefied natural gas (LNG) exports and a small decline in output last week.

That was higher than the 83-bcf decline analysts forecast in a Reuters poll and compares with a decrease of 57 bcf during the same week last year and a five-year (2015-19) average withdrawal of 61 bcf.

Front-month gas futures rose 11.1 cents, or 4.5%, to settle at $2.553 per million British thermal units. That was the biggest daily percentage increase since Oct. 29.

Data provider Refinitiv said output in the Lower 48 US states averaged 90.8 billion cubic feet per day so far in December. That compares with a seven-month high of 91.0 bcfd in November 2020 and an all-time monthly high of 95.4 bcfd in November 2019.

Even though the weather is expected to remain milder than normal into late December, the latest forecasts called for slightly cooler temperatures over the next two weeks. That prompted Refinitiv to project demand, including exports, would rise more than previously expected to 120.4 bcfd next week from 118.6 bcfd this week.

The amount of gas flowing to US LNG export plants, meanwhile, rose to an average of 10.8 bcfd so far in December, which would top November's 9.8-bcfd record.

That increase comes as the third train at Cheniere Energy Inc's Corpus Christi LNG plant in Texas prepares to enter commercial service and as rising prices in Europe and Asia prompt buyers to purchase more US gas.

Comments

Comments are closed.

US natgas futures jump over 4pc on big storage draw

Arshad Sharif murder case: Supreme Court orders formation of new JIT

Rupee registers marginal decline, settles at 224.16 against US dollar

ECP supports use of electronic voting machines: Chief Election Commissioner

China announces nationwide loosening of Covid restrictions

UNGA adopts Pakistan-piloted resolution to bolster UN’s relief system

Japan announces additional $38.9mn for flood victims

One killed as Bangladesh police fire at opposition rally

Oil edges up from lows on Chinese demand hopes, tanker delays

Schools in Lahore to remain closed three days a week due to smog

Business Confidence Score lowest in Pakistan since Covid: OICCI survey