Updated Aug 22, 2024
8/22/24
Against a backdrop of solid demand, possible production cuts and potentially modest August storage injections, natural gas forward prices during the Aug. 1-8 trading period found room to move higher.
Natural gas futures on Friday forged ahead through midday trading, putting the prompt month on target for its fourth gain in as many sessions, though it pulled back and hovered near even by early afternoon. Weakness in West Texas pressured spot prices lower.
Cheniere Energy Inc. said it earned less for its LNG during the second quarter as lower global natural gas prices and smaller gains on its derivatives cut into margins.
Williams is plowing ahead to bring a large Southeast project online amid the “unprecedented pace” in natural gas demand growth. It is also turning attention to other burgeoning opportunities, including offshore in the Gulf of Mexico (GOM), executives said.
Natural gas futures rose for a third day on Thursday after a relatively lean government storage build signaled production levels might be running lower than expected.
Multi-basin independent Gulfport Energy Corp., whose Lower 48 portfolio is 92% weighted to natural gas, is holding production flat to wait for stronger prices into 2025.
Spain’s Repsol SA hopes to take a final investment decision (FID) to develop a recently announced oil and gas discovery offshore Mexico within the next two years, according to CEO Josu Jon Imaz San Miguel.
Against a backdrop of solid demand, possible production cuts and potentially modest August storage injections, natural gas forward prices during the Aug. 1-8 trading period found room to move higher.
Natural gas futures on Thursday fell early but gained ground through midday trading as a bullish government assessment of supplies in storage overshadowed near-term weakness in weather demand. However, the prompt month then retreated to near even in early afternoon trading. Spot prices slipped.
The U.S. Energy Information Administration (EIA) on Thursday reported an injection of 21 Bcf natural gas into storage for the week ended Aug. 2. The result, slightly below expectations, came despite a jump in renewable power that threatened a bearish miss.