GAS PRICES: ABOVE $2.9
PLATTS - NYMEX September gas futures climbed 6.9 cents to $2.962/MMBtu as Monday's eclipse was projected to boost natural gas demand.
The September contract settled at $2.962/MMBtu, up 6.9 cents from Friday's close.
The price increase comes after a week where the NYMEX front-month contract dipped 9 cents over five trading sessions.
Phil Flynn, senior market analyst at Price Futures Group, said the market could be seeing an "eclipse rally," as more gas was likely used for power generation as solar power was not available during the eclipse.
According to US Energy Information Administration data, solar photovoltaic capacity was expected to be affected by an estimated 8.8 GW in California, along with North Carolina seeing nearly 3 GW affected, possibly giving support to prices as gas was used to account for some of that missing power generation.
Any rise in gas demand could put increased pressure on national natural gas stocks, which currently sit 1.8% above the five-year-average, according to EIA data. Gene McGillian, manager of market research at Tradition Energy, said there are expectations that the storage build for the week ended August 18 will be below the five-year-average.
The jump in price goes against the grain of the most recent six- to 10-day outlook from the National Weather Service calling for a likelihood of cooler-than-average weather for the Northeast and Midcontinent.
Flynn said private meteorologist reports are conflicting, as some call for warmer-than-average weather heading into September, whereas others project possible frosts in some regions leading to "possible heating demand in September."
According to Platts Analytics' Bentek Energy data, US dry gas production is expected to dip 400 MMcf day on day to 72.5 Bcf/d, shy of the 73 Bcf/d month-to-date average.
|February, 16, 23:45:00|
|February, 16, 23:40:00|
|February, 16, 23:35:00|
|February, 16, 23:30:00|
|February, 16, 23:25:00|
|February, 16, 23:20:00|
AOG - The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.
TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.
ROSATOM - February 13, 2018, Moscow. – ROSATOM and the Ministry of Scientific Research and Technological Innovations of the Republic of Congo today signed a Memorandum of Understanding on cooperation in the field of peaceful uses of atomic energy.
FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.