NATURAL GAS PRODUCTION The Natural Gas Market remained essentially unchanged. Weakening weather demand and inconsistent LNG demand allowed pricing to stay low, and even production jumped about 2 Bcf/d last week to quash any chance of a market rally that would see significant price increases. EIA NATURAL GAS STORAGE Weather demand petered out the previous…
View detailsNATURAL GAS PRODUCTION The Natural Gas market is undergoing a significant transformation, with drillers scaling back production. This has resulted in a consistent 4-5 weeks of production declines, culminating in last week’s output of less than 100 Bcf/d. This is a significant development, marking the lowest production levels since February 2023. The impact on storage…
View detailsNATURAL GAS STORAGE We are now in the injection season with a substantial +669 Bcf surplus over the five-year average. This surplus and robust oil production numbers will likely keep prices relatively stable, hovering within a dollar or two of these prices until at least next spring. OUR GAS SURPLUS Production cuts are taking place…
View detailsNATURAL GAS STORAGE The weather continues to be historically mild, with only occasional upticks that get erased quickly. There is no guarantee that next winter will continue to have record-breaking mild winters, and betting that we will continue to break the record for mild winters every year as we have the last two is a…
View detailsNATURAL GAS PRODUCTION Gas Production continues to remain strong at 104 Bcf/d. This could result from Chesapeake Energy’s cutback in production, but that production slowdown is expected to take a few months to have an effect. RUSSIAN PIPELINES TO THE E.U. Believe it or not, some natural gas still flows from Russia to the E.U.…
View detailsEIA NATURAL GAS STORAGE REPORT Only about five weeks are left in injection season, and we have solid storage numbers with a supply level of more than 22% over the five-year average. Expected storage by the end of injection season will be 1,800 Bcf, which is even better than last year’s numbers. NATURAL GAS TOTAL…
View detailsNATURAL GAS STORAGE The EIA reported a withdrawal of 49 Bcf out of underground storage for the week ending February 9, 2024, vs. an estimated withdrawal of 71 Bcf. Inventories are 2,535 Bcf, 255 Bcf or 11.2% more than the same period last year, and 348 Bcf or 15.9% more than the 5-year average. NATURAL…
View detailsNATURAL GAS: NYMEX CALENDAR STRIPS The cost of Natural Gas continues to drop over the 12 months, and injection season is just around the corner on April 1st. We have seen a trend in the last few years where the current year is priced lower than the following years. So, looking at Natural Gas and…
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