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2017-03-22 19:05:00

GAS PRICES: ABOVE $3,05

GAS PRICES: ABOVE $3,05

GAS PRICES MARCH 22 2017

PLATTS - The NYMEX April natural gas contract continued to march higher Tuesday, climbing 5.2 cents to settle at $3.093/MMBtu on a tightening supply-demand balance characterized by strong LNG feedgas deliveries, March demand above year-ago levels and a 2.8 Bcf/d year-on-year dip in production.

"Late season cold strengthened the heating demand and LNG exports revived," helping to provide support to a sustained recovery of the prompt-month contract throughout March, Viraj Sawant, energy market analyst with Gelber & Associates stated, echoing the tightening supply-demand balance.

Total US demand for March to date maintains a 5.5 Bcf/d margin above 2016 levels, reaching an average around 82.3 Bcf/d. Total US dry gas production has dipped 2.8 Bcf/d from a year ago to reach a March to date average of 70.8 Bcf/d, resulting in a tighter supply-demand balance.

LNG feedgas has been a key outlet for US natural gas production during an otherwise lackluster winter in the continental US, with feedgas to Sabine Pass reaching an average of 1.8 Bcf/d in 2017, topping out at a daily record of 2.4 Bcf/d on March 14.

As the market moves toward the final weeks of winter, storage inventories will weigh heavily on the movement of the prompt month as it becomes clearer the margin of overhang stocks will maintain going into injection season.

Preliminary projections for the two upcoming weeks show a combined 208-Bcf withdrawal from storage, possibly providing support to the bulls that storage inventories could trend closer to the five-year average and widen the gap with year-ago levels.

If projections come to fruition, the combined total would greatly outpace historical data, with the five-year averaging totaling a 48-Bcf withdrawal during the corresponding period, and year ago showing a 6-Bcf pull.

The April contract traded in a range of $3.033/MMBtu to $3.113/MMBtu, increasing the week's gains to 14.5 cents after Monday's 9.3-cent jump.

GAS PRICES MARCH 2016 - MARCH 2017

GAS PRICES MARCH 2012 - MARCH 2017

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Earlier: 

UK OIL & GAS BREXIT 

U.S. OIL & GAS UP 

GAS PRICES: ABOVE $2.9 

RUSSIA'S GAS FOR EUROPE 

U.S. LNG EXPORTS UP

 

 

Tags: GAS, PRICES

Chronicle:

GAS PRICES: ABOVE $3,05
November, 20, 09:05:00

INDIA'S GAS WILL UP

REUTERS - India’s natural gas consumption is expected to rise to 70 billion cubic metres (bcm) by 2022 and 100 bcm by 2030, according to a government think tank and the Oxford Institute of Energy Studies, up from 50 bcm now. India burns just 7 percent of what top user the United States consumes in a year with about a quarter of India’s population.

GAS PRICES: ABOVE $3,05
November, 20, 09:00:00

NORWAY SELLS OIL & GAS

Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Thursday. The divestment would mark the second major step in scrubbing the world’s biggest wealth fund of climate risk, after it sold most of its coal stocks.

GAS PRICES: ABOVE $3,05
November, 20, 08:55:00

OIL PRICES UP

WSJ - Light, sweet crude for December delivery rose $1.41, or 2.6%, to $56.55 a barrel on the New York Mercantile Exchange, snapping a three-session losing streak. Brent, the global benchmark, advanced $1.36, or 2.2%, to $62.72 a barrel.

GAS PRICES: ABOVE $3,05
November, 20, 08:50:00

U.S. RIGS UP 8 TO 915

U.S. Rig Count is up 327 rigs from last year's count of 588, with oil rigs up 267, gas rigs up 61, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 24 rigs from last year's count of 184, with oil rigs up 9 and gas rigs up 15.

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