ANL 13.14 Decreased By ▼ -0.05 (-0.38%)
ASC 12.30 Increased By ▲ 0.13 (1.07%)
ASL 13.44 Decreased By ▼ -0.06 (-0.44%)
BOP 8.41 Increased By ▲ 0.10 (1.2%)
BYCO 6.00 Increased By ▲ 0.25 (4.35%)
FCCL 17.85 Increased By ▲ 0.79 (4.63%)
FFBL 24.11 Increased By ▲ 0.50 (2.12%)
FFL 10.15 Increased By ▲ 0.10 (1%)
FNEL 9.52 Increased By ▲ 0.21 (2.26%)
GGGL 14.10 Increased By ▲ 0.30 (2.17%)
GGL 26.16 Decreased By ▼ -0.59 (-2.21%)
HUMNL 5.74 Increased By ▲ 0.08 (1.41%)
JSCL 15.00 Increased By ▲ 0.45 (3.09%)
KAPCO 31.25 Increased By ▲ 0.55 (1.79%)
KEL 3.37 Increased By ▲ 0.21 (6.65%)
MDTL 2.10 Increased By ▲ 0.01 (0.48%)
MLCF 33.60 Increased By ▲ 1.70 (5.33%)
NETSOL 90.95 Increased By ▲ 1.95 (2.19%)
PACE 4.15 Increased By ▲ 0.06 (1.47%)
PAEL 20.70 Increased By ▲ 0.28 (1.37%)
PIBTL 7.40 Increased By ▲ 0.13 (1.79%)
POWER 6.44 Increased By ▲ 0.13 (2.06%)
PRL 12.16 Increased By ▲ 0.36 (3.05%)
PTC 8.68 Decreased By ▼ -0.01 (-0.12%)
SILK 1.19 No Change ▼ 0.00 (0%)
SNGP 37.80 Increased By ▲ 0.70 (1.89%)
TELE 14.35 Decreased By ▼ -0.12 (-0.83%)
TRG 87.18 Increased By ▲ 7.99 (10.09%)
UNITY 21.96 Increased By ▲ 0.11 (0.5%)
WTL 2.03 Increased By ▲ 0.03 (1.5%)
BR100 4,473 Increased By ▲ 75 (1.71%)
BR30 17,594 Increased By ▲ 602.1 (3.54%)
KSE100 43,853 Increased By ▲ 572.7 (1.32%)
KSE30 17,006 Increased By ▲ 228.3 (1.36%)

Coronavirus
LOW
Source: covid.gov.pk
Pakistan Deaths
28,793
924hr
Pakistan Cases
1,287,703
31024hr
Sindh
477,119
Punjab
443,610
Balochistan
33,514
Islamabad
107,989
KPK
180,471
Markets

US natgas futures soar to 3-month high on rising air conditioner use

  • Front-month gas futures rose 16 cents, or 5.4%, to $3.121 per million British thermal units (mmBtu) .
  • Data provider Refinitiv said gas output in the Lower 48 US states averaged 90.9 billion cubic feet per day (bcfd) so far in May, up from 90.6 bcfd in April, but still well below November 2019's monthly record of 95.4 bcfd.
17 May 2021

US natural gas futures jumped over 5% to a three-month high on Monday on forecasts for warmer weather over the next two weeks that is expected to prompt power generators to burn more gas to meet rising air conditioning use.

Traders noted that was the biggest daily percentage gain since the Texas freeze in mid February. They noted the price gain came despite a slow but steady increase in production and small declines in exports this month even though gas prices in Europe and Asia were soaring.

Front-month gas futures rose 16 cents, or 5.4%, to $3.121 per million British thermal units (mmBtu) at 9:22 a.m. EDT (1322 GMT), putting the contract on track for its highest close since Feb. 17.

Speculators, meanwhile, boosted their net long gas futures and options positions on the New York Mercantile and Intercontinental Exchanges for a second week in a row last week to their highest since early March. They were acting on expectations US prices would rise as exports return to record highs with gas prices in Europe near their highest since 2018 and Asia over $10 per mmBtu.

Data provider Refinitiv said gas output in the Lower 48 US states averaged 90.9 billion cubic feet per day (bcfd) so far in May, up from 90.6 bcfd in April, but still well below November 2019's monthly record of 95.4 bcfd.

With the weather warming, Refinitiv projected average gas demand, including exports, would rise from 82.4 bcfd this week to 85.8 bcfd next week as power generators burn more of the fuel to meet rising air conditioning use. Those forecasts were higher than Refinitiv projected on Friday.

The amount of gas flowing to US LNG export plants averaged 11.1 bcfd so far in May, down from April's monthly record of 11.5 bcfd. The decline was due to short-term issues and normal spring maintenance at several Gulf Coast plants and the pipes that supply them with gas.

US pipeline exports to Mexico averaged 5.9 bcfd so far in May, just off April's monthly record of 6.1 bcfd, Refinitiv data showed.

We love hearing your feedback, please help us improve by answering these few survey questions

Comments

Comments are closed.