EIA: US natgas production to decline by 2024, while demand will rise to record levels
The U.S. Energy Information Administration's (EIA) Short-Term Energy Outlook for 2024 predicts that natural gas production in the United States will decrease in 2024, while demand will reach a new record. EIA projects that dry gas production in the US will fall from a record high of 103.8 billion cubic foot per day (bcfd), in 2023, to 103.4 bcfd by 2024.
The European gas surplus is almost gone: Kemp
The record European gas surplus that was inherited in winter 2023/24 is now largely gone, thanks to a very small accumulation of stocks so far this summer 2024.Gas Infrastructure Europe (GIE) data shows that inventories in the European Union and United Kingdom are up just 336 Terawatt Hours (TWh).The accumulation is the lowest since 2012, and compares to a 10-year average of 443 TWh (Aggregated Gas Storage Inventory", GIE. August 14).On Aug.
Price is the Elephant in Australia's LNG, Domestic Gas Conundrum
Australia's threat to curb exports of liquefied natural gas (LNG) in order to ensure domestic supplies is another unwelcome pressure on a tight global market for the super-chilled fuel.But it's not an immediate threat, and it may also not materialize at all, depending on how the various players in Australia react to the government's planned action.What needs to be addressed effectively is the elephant in the room, namely the price at which n
U.S. Northeast Gas Prices Ease with Thaw Forecast
Spot natural gas prices in the U.S. Northeast for Monday dropped on forecasts for less cold weather this week after they soared to all-time highs last week during an extended freeze. Next-day gas in New England <NG-CG-BS-SNL> dropped to $20.25 per million British thermal units for Monday from a record $82.75 for Friday, according to data from brokerage firm SNL going back to 1995.
Japan Spot LNG Contract Price at 5-Month Low
Prices for liquefied natural gas (LNG) spot cargoes for Japan, the world's top buyer, fell to a five-month low in March from a two-year high the month before, official data showed on Tuesday. The average price of spot LNG contracted last month was $6.20 per million British thermal units, according to monthly data from the Ministry of Economy, Trade and Industry (METI), down $2.30 from the previous month and the lowest since last October.
Speculators Cut U.S. natgas net longs Again
U.S. natural gas speculators cut their net long positions for a second week in three, betting prices will decline in the future to encourage power generators to keep burning record amounts of gas instead of coal. Speculators in four major NYMEX and ICE markets reduced their bearish bets by 11,801 contracts to a one-month low of 91,547 in the week to July 19, the U.S. Commodity Futures Trading Commission said on Friday.
Major Shifts in Global Gas Trade in Next Five Years - IEA
The next five years will bring a reshaping of the global gas trade, the International Energy Agency (IEA) said Wednesday in its 2016 Medium-Term Gas Market Report. New liquefied natural gas (LNG) supplies are coming online just as demand growth in some major markets weakens, resulting in major shifts in global gas trade patterns. A weak outlook for Japan…
Speculators Boost US Natgas Net Longs
U.S. natural gas speculators boosted net long positions for the first week in three, betting prices will rise as production eases and demand picks up, absorbing some of the record amount of fuel left in inventories after a warm winter. Speculators in four major NYMEX and ICE markets increased their bullish bets by 22,790 contracts to 38,520 in the week to May 10, the U.S. Commodity Futures Trading Commission said on Friday.
Speculators Boost U.S. Natural Gas Long Positions
U.S. natural gas speculators boosted their net long positions on a bet that prices will rise in future months as an easing in production and pick-up in demand combine to absorb the record high amount of fuel left in inventories after a warm winter. Speculators in four major NYMEX and ICE markets increased their bullish bets by 21,272 contracts to 36,788 in the week to April 19, the U.S. Commodity Futures Trading Commission said on Friday.
US and Russian Gas Exporters Square up over Europe
The first export of U.S. gas to Europe will head for Lithuania, two industry sources say, a gesture to the Baltic states, reliant on Russia for supply, and the likely first shot in a price war over market share in Moscow's backyard. The February delivery will be of U.S. liquefied natural gas (LNG) transported by sea to custom built terminals, challenging Russia's land locked pipelines…
FLNG Birth of a Market
FLNG deal-making has been sporadic since Woodside Petroleum at the end of 2013 delayed a final investment decision for the giant Browse FLNG project off Northwest Australia. The previous year had seen go-aheads for most of the floating liquefied natural gas projects (FLNG) underway today, including Shell’s Prelude FLNG — Woodside’s choice, it seems, of a liquefaction solution for fields 200 kilometers offshore.
UK GAS-Prices Up, Output Cuts Hit Dutch Imports
Gas network undersupplied by 16.6 mcm/day; potential new Groningen cuts reduce Dutch imports. British spot gas prices rose for a second day on Tuesday as Norwegian and Dutch imports declined, while potentially deeper production cuts at Europe's biggest gas field, Groningen, tightened supply outlooks. Prices for within-day delivery jumped 0.85 pence per therm to 44.25 p/therm by 0855 GMT, compared with their last settlement.
Gazprom Concessions Could End EU Antitrust Case
Gazprom has 12 weeks to respond to EU charges. Gazprom is considering offering Europe new concessions, including on pricing, to settle its antitrust case and avoid a long legal battle which could result in billions of dollars in fines for the Russian gas producer. The European Commission has accused Gazprom, which meets a third of EU gas needs and generates more than half its revenues there…
Europe LNG Terminal Capacity Seen Ample if Russian Gas Flows Stop
Large unused liquefied natural gas (LNG) capacity could be brought to play should the row between Russia and Ukraine disrupt flows of pipeline gas to the West this winter, European LNG terminal operators' group GLE said. The crisis in Ukraine, an important pipeline route for Russian gas to the European Union, has triggered worries of a supply disruption in the forthcoming winter months.
German Gas Trading Grows, Euro Hubs Expand
Volumes in H1 up to a third higher than last year; Germany's huge gas storage sites benefit trading. German gas demand also boosts role of Dutch trading hub. FRANKFURT, Sept 23 (Reuters) - Gas trade is growing in Germany in line with a continental European trend which has also boosted growth in the bigger Dutch market, challenging Britain's dominance of the sector.
Prompt Off On Green Power Supply, Curve On Fuels
European spot power prices on Monday eased on more renewable supply, while the curve posted six-week lows under pressure from weakness in related fuels markets. German baseload (24 hours) for delivery on Tuesday was 1 euro down from prices paid for Monday, at 36.8 euros ($47.5) a megawatt hour. The equivalent French power contract shed 20 cents to 39.80 euros, having initially started the session firmer.
Modest Green Power Supply Boosts Prompt Prices
Prospects of weaker solar and wind power output combined with unchanged demand lifted European spot power prices on Tuesday, though thermal capacity availability is adequate, traders said. German baseload (24 hours) delivery on Wednesday was trading at 38.5 euros ($49.7) a megawatt hour, up 2 euros from the previous day-ahead price. French power for Wednesday was 50 cents higher at 38 euros.
Statoil Sells 75% of Gas to Europe at Spot Prices
Norway's Statoil, Europe's second-biggest gas supplier, now sells around three-quarters of its gas at spot prices, its gas trading head said, in a shift from oil-linked prices that has helped it win market share but hit revenue this year. By contrast, market leader Russia's Gazprom has stuck with traditional pricing indexed to oil prices. Spot pricing accounts for 7 to 15 percent of its contract sales volumes…
Ukraine's Gas Dispute Could Mean Cold Winter for Central, East Europe
Central and southeastern Europe could face higher gas prices and potential shortages this winter, as a prolonged price row between Russia and Ukraine heightens regional supply fears. The former Soviet countries, many of which receive most or all of their gas from Russia via Ukraine, have been scrambling to fill storage tanks and arrange alternate supply sources to prepare for the winter heating season.
Britain's Gas Trading Crown at Risk
Dutch hub closing in on British rival; no currency risk for European traders to hedge in euros. Europe's biggest utilities are from Eurozone; waning British dominance in output. Britain's dominance in European natural gas trading is under threat from a Dutch trading hub where volumes are soaring, buoyed in part by Europe's utility companies who prefer to hedge their deals in euros.
