On Thursday, the future of natural gas reached a peak for the third straight period of 2021, still strengthened by weak production levels, according to a new government stockpile on anemia.
At a glance:
- The future will extend the march to three days
- EIA storage printing ensures bullying
- The production of Ida stimuli is low
The October Nimex contract grew by 2.6 cents per day and settled at 4.641 / MMBtu. The fast-moving month has increased by 31 cents in the last two days. It earned $ 2.692 from 2.9 cents on Thursday.
NGI spot gas national average. The day before, he lost 16.0 cents to 12.5 cents to $ 4,480.
Estimates showed production below 90 Bcf on Thursday, after it landed in Louisiana on Sunday afternoon and forced producers to close facilities in the Gulf of Mexico (GOM).
In a report released at noon on Thursday, the Office of Security and Environmental Protection estimated that 91% of gas production in the GOM or 2.035 Bcf / d was closed. About 94% of GOM’s oil production, or 1.70 million barrels, was offline.
Charitable weather services Ida moved beyond the GOM and on the eastern border on Wednesday night and to Thursday, with demand also declining in the lower 48 units. Hurricanes flooded major markets such as Philadelphia and New York City, flooding streets and homes.
Demand for cooling is still stable in the West, with forecasts calling for more heat by mid-September. “Our forecast is generally three days higher than three gas days,” said Bespock. Considering the tropical climate of La Nina Base in September, this is not surprising.
In terms of absolute temperatures, we don’t look as much as we did in the middle of summer, but demand is demand. For current storage levels from 3.5 TC. The fact that we point out below is still true. ”
According to Bespock, if the winter season starts early, if it lasts longer than usual or if it is bitterly cold, the forecast will not be enough. As of August, the company’s targets are below 93 Bcf / d.
A recent report by the US Energy Information Administration (IIA) highlighted the concerns. The EIA reports that the Bcf natural gas injection for the week ended on August 27. The result was already expected to be low due to strong cooling demand and strong liquid natural gas (LNG) exports.
Major surveys indicate below-average construction in the mid-20s Bcf. NGI image of 28 BCF needles. Last year, the IIA temporarily registered 36 BCF construction. The five-year average increase was 53 BCC.
The latest building materials increased to 2,871 Bcf. Still, that was 3,450 Bcf below the previous year and 3,093 Bcf over the five-year average.
The GOM discontinuation “will continue until the end of September – as much as possible – and the focus on the natural gas market may be on production and low storage conditions during the last six weeks of vaccination,” the EBN analysis team said.
Moreover, in the coming weeks, even in the most intense summer heat and unstable winter cold, markets will need LNG volumes to hold more than 10 BCF. In Asia and Europe, LNG supplies energy needs and imbalances on both continents.
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LNG edible gas prices fluctuated between 10 BCF and 11 BCF during the summer months, and extreme cold demand continued to put pressure on domestic supplies.
“In recent days, US food prices have shown no significant difference from last week’s trend,” said Restad Energy analyst Emily McLean. “We expect LNG exports to remain strong,” he said.
The next day, currency prices rose for the second consecutive day, growing in almost all regions, declining production, and demand is expected to intensify next weekend.
In the Rocky Mountains, El Paso San Juan jumped 27.0 cents a day to $ 4,515, and on the west, south border, PG&E rose 21.5 cents to $ 4,610.
Centers in the Midwest and Texas in the Central United States have made a profit. The Chicago Citizens moved from 11.5 cents to $ 4,515, while El Paso Permian rose from $ 14.5 cents to $ 4,445.
Ida’s remnants pushed off the east coast on Thursday, leaving behind high temperatures in the 70s and 80s. Centers in the Northeast confirmed the difference on Thursday. Niagara lost 5.0 cents to $ 3,850 and Colombia lost $ 11.5 cents to $ 3,905.
Cool air and rain have been circulating in the north of the country, with some in the upper mid-west reaching the heights in the 60s, according to the National Weather Service (NWS).
That said, a new round is expected next weekend, with high pressure in the ’80s and’ 90s, most likely in the lower 48s. And 100s, showed NWS forecasts.
Looking ahead next week, Steve Silver, a senior meteorologist at the Macar weather desk, expects to remain above normal temperatures in the West and on rocks and plains in major markets such as Denver and Dallas in the 90s.
Silver’s forecasts for mid-September also show warmer trends, with the eastern hemisphere experiencing warmer climates than the western hemisphere.
Meanwhile, workers are still working to open roads, ports and waterways in southeastern Louisiana, hoping to return power to hundreds of thousands of powerless consumers on Thursday. Energy companies trying to restore production in GOM include power lists.
Coast Guard Captain Will Watson said much work remains to be done on the Mississippi River and the Gulf Intracostal Waterway near New Orleans. “This is a major rehabilitation effort,” he said.