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Energy Market Snapshot: June 17, 2024
6-10 DAY AND 8-14 DAY OUTLOOK The forecasted extreme heat across the U.S. will mean a much higher demand and, consequentially, a lower injection. This will further erode our gas surplus for months, possibly bringing the NYMEX price back above $3.00 for the prompt month. NATURAL GAS STORAGE Last week’s injection of +7...
Energy Market Snapshot: June 10, 2024
WEATHER: 6-10 DAY AND 8-14 DAY OUTLOOK Forecasts for scorching weather in late June and a severe Heat Dome covering the Southwest sent prices sharply upward last week. Pricing for July Natural Gas went from $2.53 on Tuesday the 6th to $2.97 on Sunday. EIA: NATURAL GAS STORAGE Last week’s storage report was still just above the ex...
Energy Market Snapshot: June 3, 2024
NATURAL GAS: EIA:NATURAL GAS STORAGE Last week was the first storage report in over a month with a higher injection than projected. Producers are bringing some assets online to prepare for a top 10 hot summer, and this production increase will help keep downward pressure on pricing. ELECTRICITY GENERATION SOURCES THE LAST TEN YEA...
Energy Market Snapshot: May 28, 2024
6-10 DAY AND 8-14 DAY OUTLOOK Look for cooling demand to increase as a large heat wave moves across the U.S. in the 6-10 and 8-14 day forecasts. The entire country will see higher-than-normal temperatures except for a small area centered around Kentucky and stretching to the Atlantic, but even the Northeast and the Gulf Coast will surro...
Market Snapshot: May 6, 2024
PROBLEMS CONTINUE AT THE FREEPORT LNG FACILITY Persistent problems at the Freeport LNG facility have indeed impacted prices. However, there is a silver lining. Despite a freeze in January and subsequent mechanical issues, two of the three LNG trains are set to come back online. The third train is currently experiencing problem...
Market Snapshot: April 29, 2024
EIA: NATURAL GAS STORAGE A substantial injection of +92 Bcf kept pricing deflated for the near future. Part of that injection came from the almost total shutdown of the Freeport LNG facility due to maintenance issues. The facility, the second largest on the Gulf Coast, has a capacity of 2.6 Bcf/d in LNG exports but has not sent any ...
Energy Market Snapshot: April 22, 2024
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Energy Market Snapshot: April 8, 2024
NATURAL 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...
Energy Market Snapshot: April 1, 2024
NATURAL 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 tak...