• Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer
Monday, October 2, 2023
Ellis County News Online
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
No Result
View All Result
Home News

U.S. Natgas Slips Over 6% On Milder Weather, Lower Demand Forecasts – Reuters

us.-natgas-slips-over-6%-on-milder-weather,-lower-demand-forecasts-–-reuters
Share on FacebookShare on Twitter
Register now for FREE unlimited access to Reuters.com

Dec 23 (Reuters) – U.S. natural gas futures fell more than 6% on Thursday, weighed down by forecasts for milder weather and lower heating demand than previously expected and smaller-than-usual storage withdrawal last week.

The U.S. Energy Information Administration (EIA) said utilities pulled 55 billion cubic feet (bcf) of gas from storage during the week ended Dec. 17. .

That was close to the 56-bcf decline that analysts had forecast in a Reuters poll and compared with a draw of 147 bcf in the same week last year and a five-year (2016-2020) average decline of 153 bcf.

Register now for FREE unlimited access to Reuters.com

Last week’s withdrawal reduced stockpiles to 3.362 trillion cubic feet (tcf), or 1% above the five-year average of 3.328 tcf for this time of the year.

Front-month gas futures dropped 24.5 cents, or 6.2%, to settle at $3.731 per million British thermal units (mmBtu). However, for the week, the contract is up 1.1%, after three weeks of decline. Most of the U.S. markets will be closed on Friday, Christmas Eve, which is a holiday this year.

“I think weather and the demand forecast are the big factors weighing on the market,” said John Abeln, an analyst with data provider Refinitiv. “The end of December was already expected to be significantly warmer than usual, but forecasts keep shifting warmer.

“We typically see lower commercial and industrial gas usage around a major holiday like Christmas, but with the warm weather we will also see lower residential loads,” Abeln said.

Refinitiv estimated 400 heating degree days (HDDs) over the next two weeks in the Lower 48 U.S. states, down from the 409 HDDs estimated on Wednesday. The normal is 429 HDDs for this time of year.

HDDs, used to estimate demand to heat homes and businesses, measure the number of degrees a day’s average temperature is below 65 Fahrenheit (18 Celsius).

Refinitiv projected average U.S. gas demand, including exports, would fall from 125.3 billion cubic feet per day this week to 115.3 bcfd next week.

The U.S. price decline also came after gas prices in Europe dropped more than 15% as expectations of the arrival of several liquefied natural (LNG) gas tankers and warmer weather over the next few days helped to offset low exports from Russia.

The amount of gas flowing to U.S. LNG export plants has averaged 11.9 bcfd so far in December, now that the sixth train at Cheniere Energy Inc’s (LNG.A) Sabine Pass plant in Louisiana is producing LNG. That compares with 11.4 bcfd in November and a monthly record of 11.5 bcfd in April.

Output in the U.S. Lower 48 has averaged 96.7 billion cubic feet per day (bcfd) so far in December, which would top the monthly record of 96.5 bcfd in November.

Register now for FREE unlimited access to Reuters.com

Reporting by Brijesh Patel in Bengaluru; editing by Jonathan Oatis and Diane Craft

Our Standards: The Thomson Reuters Trust Principles.

Ellis County News Online

© 2021 Ells County News Online

Navigate Site

  • Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer

Follow Us

No Result
View All Result
  • Home
  • DMCA Policy
  • Medical Disclaimer
  • Privacy Policy
  • Disclosure
  • CCPA
  • Terms of Use

© 2021 Ells County News Online

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT