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2018-03-11 11:40:00

GAS PRICES: ABOUT $2.732

GAS PRICES: ABOUT $2.732

PLATTS - The NYMEX April natural gas futures contract settled at $2.732/MMBtu Friday, shedding 2.4 cents day on day and notching its second decline in a row, snapping the upward momentum seen since it rolled to the front-month position on February 27.

The "expected winter rally" over the past few days is due to cold weather, low storage and high demand, said Phil Flynn, senior market analyst at Price Futures Group.

"The market is not overreacting" to the bullish news because of the high production levels and the expectation of increasing supply hitting the market "during the low demand periods," Flynn continued.

The front-month contract saw prices being driven up by cold weather and a bump in demand over the previous week, however, that trend appears to have subsided as a mild weather outlook, a lower-than-average storage report, falling demand and continued strong production have put downward pressure on prices.

Thursday's 57-Bcf draw from storage brings the national storage stocks to 1.625 Tcf and cuts the deficit to the five-year average to an estimated 15.6%, according to the US Energy Information Administration.

The most recent eight- to 14-day outlook from the National Weather Service calls for a likelihood of colder-than-average temperatures along the Southwest, Northwest and Rockies. In addition, the outlook calls for warmer-than-average temperatures in Texas and parts of the Midcon and Southeast, with average temperatures expected in the Northeast and Midwest. With the cold weather seen of late set to subside as the shoulder season approaches, demand is expected to fall in the coming weeks.

The current eight- to 14-day outlook for US demand is an estimated 77.9 Bcf/d average, a drop of 7.6 Bcf/d from the 85.5 Bcf/d averaged over the previous seven days, according to S&P Global Platts Analytics.

Supply across the nation is still expected to remain at the high levels seen so far in 2018, as US dry production is expected to average 77.4 Bcf/d over the next eight- to 14-day period, just below the 77.7 Bcf/d averaged so far over March 2018 and above the 71.3 Bcf/d averaged over March 2017, according to Platts Analytics.

The NYMEX settlement is considered preliminary and subject to change until a final settlement price is posted at 7 pm EST (2400 GMT).

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Earlier:

 Gas
2018, February, 5, 07:00:00

GAS PRICES: $2.900/MMBTU

PLATTS - NYMEX March natural gas futures ticked higher in buying at lows overnight in the US ahead of Friday's open. At 7:10 am ET (1210 GMT) the contract was 4.4 cents higher at $2.900/MMBtu, having shed 13.9 cents the previous day.

 

 Gas
2018, January, 29, 08:00:00

GAS PRICES: $3.505/MMBTU

PLATTS - The NYMEX February natural gas futures contract continued its surge Friday, as the February contract expired at $3.505/MMBtu, up 5.8 cents compared with Thursday's close.

 

 Gas
2018, January, 26, 12:10:00

GAS PRICES EXPECTATIONS

EIA expects the Henry Hub natural gas spot price to average $2.88 per million British thermal units (MMBtu) in 2018 and $2.92/MMBtu in 2019, slightly lower than the 2017 average of $2.99/MMBtu. Lower prices in 2018 and 2019 reflect EIA’s expectation of increased natural gas production and relatively flat consumption.

 

 Gas
2018, January, 22, 07:45:00

GAS PRICES: $3.185/MMBTU

PLATTS - After see-sawing around Thursday's settle, the NYMEX February natural gas futures contract ultimately settled Friday at $3.185/MMBtu, 0.4 cent lower as an increasingly bearish demand picture forms through the end of January.

 

 Gas
2018, January, 3, 16:00:00

GAS PRICES UP TO $2.990/MMBTU

PLATTS - NYMEX February natural gas futures extended gains overnight in the US leading up to Tuesday's open, on the back of current and midrange weather support. At 7:20 am ET (1220 GMT) the contract was gripping the upside at $2.990/MMBtu, up 3.7 cents on the session.

 

 Gas
2017, December, 29, 11:40:00

GAS PRICES DOWN TO $2.643/MMBTU

PLATTS - After dropping 2.4 cents Tuesday to settle at $2.643/MMBtu, NYMEX January natural gas futures dipped then rallied ahead of Wednesday's open and the contract's expiry at the close of business, as traders mulled the likely impact on demand from weather outlooks.

 

 Gas
2017, December, 1, 12:40:00

GAS PRICES DOWN TO $3.097/MMBTU

PLATTS - Having gained over 5 cents yesterday as the new front month contract, NYMEX January 2018 natural gas futures were lower ahead of Thursday's open and the morning release of the weekly storage data. At 6:45 am ET (1145 GMT), the contract was down 8.2 cents to $3.097/MMBtu.

Tags: GAS, PRICE

Chronicle:

GAS PRICES: ABOUT $2.732
2018, September, 24, 15:05:00

SAUDI ARAMCO WANTS +50%

ARAB NEWS - Saudi's Aramco Trading Company (ATC) expects to increase its oil trading volume to 6 million barrels per day (bpd) in 2020, 50 percent higher than current levels, the company's top official said on Monday.

GAS PRICES: ABOUT $2.732
2018, September, 24, 15:00:00

U.S. RIGS DOWN 2 TO 1,053

BAKER HUGHES A GE - U.S. Rig Count is down 2 rigs from last week to 1,053, with oil rigs down 1 to 866, gas rigs unchanged at 186, and miscellaneous rigs down 1 to 1. Canada Rig Count is down 29 rigs from last week to 197, with oil rigs down 13 to 135 and gas rigs down 16 to 62.

GAS PRICES: ABOUT $2.732
2018, September, 21, 11:00:00

OIL PRICE: NEAR $79 STILL

REUTERS - International benchmark Brent crude for November delivery LCOc1 was up 26 cents, or 0.33 percent, at $78.96 a barrel by 0647 GMT. U.S. West Texas Intermediate crude for October delivery CLc1 was up 7 cents, or 0.10 percent, at $70.39 a barrel.

GAS PRICES: ABOUT $2.732
2018, September, 21, 10:55:00

RUSSIA'S OIL PRODUCTION: 11.3 MBD

BLOOMBERG - Russia's oil output is currently fluctuating between 1.54 million and 1.55 million tons a day -- driven mainly by state-run giant Rosneft PJSC -- the official said, asking not to be named as the information isn’t public yet. That equates to 11.29 million to 11.36 million barrels a day, beating the previous record of 11.25 million barrels a day set in October 2016 before Russia agreed with the Organization of Petroleum Exporting Countries to cut production.

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