AIRLINK 62.48 Increased By ▲ 2.05 (3.39%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.58 Decreased By ▼ -0.02 (-0.43%)
DFML 15.50 Increased By ▲ 0.66 (4.45%)
DGKC 66.40 Increased By ▲ 1.60 (2.47%)
FCCL 17.59 Increased By ▲ 0.73 (4.33%)
FFBL 27.70 Increased By ▲ 2.95 (11.92%)
FFL 9.27 Increased By ▲ 0.21 (2.32%)
GGL 10.06 Increased By ▲ 0.10 (1%)
HBL 105.70 Increased By ▲ 1.49 (1.43%)
HUBC 122.30 Increased By ▲ 4.78 (4.07%)
HUMNL 6.60 Increased By ▲ 0.06 (0.92%)
KEL 4.50 Decreased By ▼ -0.05 (-1.1%)
KOSM 4.48 Decreased By ▼ -0.09 (-1.97%)
MLCF 36.20 Increased By ▲ 0.79 (2.23%)
OGDC 122.92 Increased By ▲ 0.53 (0.43%)
PAEL 23.00 Increased By ▲ 1.09 (4.97%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.80 Decreased By ▼ -0.14 (-2.36%)
PPL 107.50 Increased By ▲ 0.13 (0.12%)
PRL 27.25 Increased By ▲ 0.74 (2.79%)
PTC 18.07 Increased By ▲ 1.97 (12.24%)
SEARL 53.00 Decreased By ▼ -0.63 (-1.17%)
SNGP 63.21 Increased By ▲ 2.01 (3.28%)
SSGC 10.80 Increased By ▲ 0.05 (0.47%)
TELE 9.20 Increased By ▲ 0.71 (8.36%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 70.86 Increased By ▲ 0.95 (1.36%)
UNITY 23.62 Increased By ▲ 0.11 (0.47%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,944 Increased By 65.8 (0.96%)
BR30 22,827 Increased By 258.6 (1.15%)
KSE100 67,142 Increased By 594.3 (0.89%)
KSE30 22,090 Increased By 175.1 (0.8%)
Markets

U.S. natgas futures slip on milder December weather forecasts

  • Data provider Refinitiv said output in the lower 48 U.S. states averaged 90.8 billion cubic feet per day so far in December.
Published December 16, 2020

U.S. natural gas futures slipped on Wednesday on forecasts for milder weather and lower heating demand over the next two weeks than previously expected.

That decline comes even as power and gas prices in the Northeast rose to their highest in almost a year as the region prepares for its first major winter storm of the season.

Front-month gas futures fell 3.1 cents, or 1.2pc, to $2.651 per million British thermal units at 8:45 a.m. EST (1345 GMT).

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.

With the weather expected to turn milder, Refinitiv projected average demand, including exports, would slip from 123.4 bcfd this week to 121.7 bcfd next week.

The amount of gas flowing to U.S. LNG export plants, meanwhile, rose to an average of 10.7 bcfd so far in December, which would top November's 9.8-bcfd record.

That increase comes despite brief reductions at Cheniere Energy Inc's export plants at Sabine Pass in Louisiana and Corpus Christi in Texas and at Cameron LNG's plant in Louisiana over the past couple of days.

Most of those reductions were already reversed by Wednesday morning, according to data from Refinitiv.

Traders, however, noted 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.

Comments

Comments are closed.