ANL 11.10 Increased By ▲ 0.57 (5.41%)
ASC 10.07 Increased By ▲ 0.46 (4.79%)
ASL 10.95 Increased By ▲ 0.41 (3.89%)
AVN 73.31 Increased By ▲ 4.31 (6.25%)
BOP 5.99 Increased By ▲ 0.08 (1.35%)
CNERGY 5.23 Decreased By ▼ -0.04 (-0.76%)
FFL 6.85 Increased By ▲ 0.30 (4.58%)
FNEL 6.20 Increased By ▲ 0.17 (2.82%)
GGGL 12.33 Increased By ▲ 0.93 (8.16%)
GGL 16.41 Increased By ▲ 1.21 (7.96%)
GTECH 9.81 Increased By ▲ 0.64 (6.98%)
HUMNL 6.62 Increased By ▲ 0.23 (3.6%)
KEL 2.59 Increased By ▲ 0.04 (1.57%)
KOSM 3.06 Increased By ▲ 0.17 (5.88%)
MLCF 28.85 Increased By ▲ 0.92 (3.29%)
PACE 3.23 Increased By ▲ 0.19 (6.25%)
PIBTL 6.10 Increased By ▲ 0.08 (1.33%)
PRL 15.23 Increased By ▲ 0.08 (0.53%)
PTC 7.19 Increased By ▲ 0.32 (4.66%)
SILK 1.10 Increased By ▲ 0.07 (6.8%)
SNGP 26.20 Increased By ▲ 0.07 (0.27%)
TELE 11.06 Increased By ▲ 0.88 (8.64%)
TPL 9.40 Increased By ▲ 0.52 (5.86%)
TPLP 16.30 Increased By ▲ 0.66 (4.22%)
TREET 30.16 Increased By ▲ 0.16 (0.53%)
TRG 76.77 Increased By ▲ 1.52 (2.02%)
UNITY 23.21 Increased By ▲ 1.51 (6.96%)
WAVES 13.25 Increased By ▲ 0.65 (5.16%)
WTL 1.54 Increased By ▲ 0.06 (4.05%)
YOUW 5.05 Increased By ▲ 0.24 (4.99%)
BR100 4,277 Increased By 51.3 (1.21%)
BR30 14,956 Increased By 482.5 (3.33%)
KSE100 43,027 Increased By 300.8 (0.7%)
KSE30 16,360 Increased By 114 (0.7%)
Markets

U.S. natgas futures rise to one-week high on colder forecasts

  • 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.
11 Dec, 2020

U.S. natural gas futures edged up to a one-week high on Friday on forecasts for cooler weather and more heating demand over the next two weeks than previously expected, and continued record liquefied natural gas (LNG) exports.

Front-month gas futures rose 2.1 cents, or 0.8%, to $2.574 per million British thermal units at 7:38 a.m. EST (1238 GMT), putting the contract on track for its highest close since Dec. 4.

For the week, the contract was down less than 1% after sliding more than 9% last week.

Data provider Refinitiv said output in the Lower 48 U.S. 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 from 118.5 bcfd this week to 121.5 bcfd next week and 122.0 bcfd in two weeks.

The amount of gas flowing to U.S. 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 U.S. gas.

Traders, however, noted those LNG exports cannot rise much more until new units enter service in the second half of 2022, since feedgas to the LNG plants was already over their 10.5-bcfd export capacity.

LNG plants can pull in a little more gas than they can export since they use some of the fuel to run the facility.

Comments

Comments are closed.