U.S. natgas posted second-biggest monthly decline ever, near 21-month low |
31 January (Reuters) – Tuesday USA natural gas futures hot next week weather and fell near a 21-month low, marking its second-biggest monthly decline ever, as output fell from extremely cold offset forecasts for lower heating demand.
Freeport LNG’s liquefied natural gas in Texas gas (LNG) export plant to produce large quantities of LNG gas goose due to expectations that the shoot is still weeks away prices has been depressed for weeks. On Tuesday, Freeport asked federal regulators for permission to restart one of the plant’s three liquefaction trains that convert gas to LNG.
Cold weather and production has been about 3.4 barrels per day over the past week as winter storms have frozen oil and gas wells, known as a well freeze. billion cubic feet (bcfd), down to an initial one-month low of 95.8 billion cubic feet was on its way down. energy industry – in several states, including Texas, Oklahoma, Colorado, North Dakota and Pennsylvania.
Despite the extreme cold this week, USAin the Lower 48 states of january The temperature has averaged 42.2 degrees Fahrenheit (5.7 Celsius) so far this month, with the mercury averaging a record 42.8 F this month. 20Hottest since ’06 january will be bear. Refinitive and federal government information.
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First-month gas futures for March delivery rose 0.7 cents, or 0.3%, to the million Britain 2,684 per heat unit dollars level was decided. On Monday, the contract closed at its lowest level since April 2021.
Despite the small gain, the contract remained in oversold territory for the second day in a row and the 15th time this year with the relative strength index (RSI) below 30.
During the month, down about 40% the previous month, 20After plunging 42% in January 2001, it posted its second biggest monthly loss.
Weather forecasters are predicting that temperatures in the lower 48 U.S. will be warmer than normal from February 5th through at least February 15th until February 4th.
With milder weather coming, Refinitiv forecasts that US gas demand, including exports, will fall from 134.5 bcm this week to 128.8 bcm next week. The forecast for this week was higher than Monday’s Refinitiv forecast, while the forecast for next week was lower.
That should allow utilities to continue drawing less gas from storage for the fourth or fifth week in a row.
of Freeport’s export plant in June 2022 fire remains the biggest wild card in the gas market when it comes out of the resulting seven-month hiatus.
Freeport is the second-largest US LNG exporter, and traders expect prices to rise after it begins pumping in large quantities of gas, boosting demand for the fuel. Factory can draw about 2.1 billion cubic meters of gas per day, which is about 2% of the gas that US gas producers take from the ground.
Freeport has been pumping small amounts of gas since Jan. 26 after federal regulators approved the company’s plan to begin cooling parts of the plant.
Several analysts said they did not expect Freeport to begin LNG production until mid-February, mid-March or later.
Some ships have turned away from Freeport in recent weeks, including the latest 24 hours including Corcovado LNG bound for another port.
But several tankers were still waiting to pick up LNG from the plant in the Gulf of Mexico, including Prism Courage (from around November 4), Prism Agility (January 2), Prism Brilliance (January 26) and Kmarin Diamond (January). 26).
Reporting by Scott DiSavino; Edited by Paul Simao
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2023-02-01 00:58:30
Source – reuters
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