By
Fort St. Vrain Generating Station in Platteville, Colorado. Photographer: Chet Strange/Bloomberg
Get the Latest US Focused Energy News Delivered to You! It’s FREE:
US natural gas futures rose along with oil, which continues to climb on concerns over a prolonged disruption to energy supplies through the Strait of Hormuz.
Those worries, which do not fundamentally affect the short-term US gas market, outweighed a small decrease in expected heating demand over the next two weeks. Oil futures have exerted a strong influence on US gas futures since the war broke out in Iran last month.
The gains in US gas futures represent “a continued sympathy rally with crude,” especially after a large gas field in the United Arab Emirates was struck by a drone, Dennis Kissler, senior vice president for trading at BOK Financial Securities Inc., said in a Tuesday note to clients.
- Futures for April delivery +6.3c, or +2.1%, to $3.086/mmbtu on Nymex, as of 9:37am ET
Weather:
- Forecasts shifted slightly warmer, with above-average temperatures expected across the western half of the US through March 26: Commodity Weather Group
- See WHUT for a map of latest 6-10 day weather forecast: NOAA
Daily BNEF Gas Data:
- Lower-48 dry gas production on Tuesday ~112.1 bcf/day, or +4.2% y/y
- Lower-48 total gas demand on Tuesday ~103.7 bcf/day, or +30.7% y/y
- Dry gas exports to Mexico on Tuesday ~6.4 bcf/day, or -11% w/w
- Estimated gas flows to LNG export terminals on Tuesday ~20.0 bcf/day, or +1.7% w/w
Gas Market News:
This story was produced with the assistance of Bloomberg Automation.
Share This:
More News Articles
