Global Oil, Gas Prices Climb Higher as Demand Strengthens - LNG Recap naturalgasintel.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from naturalgasintel.com Daily Mail and Mail on Sunday newspapers.
Natural gas cash prices moved higher for the short week from June 1-4 despite mostly moderate weather keeping a lid on demand in much of the country. Heat
European and Asian natural gas prices continued moving higher last week and again finished strong on Monday as the regions competed for supplies.
Lingering cold in Europe, along with a drop in pipeline imports and a rise in the Japan-Korea Marker (JKM) contract, are supporting prices on the continent, where storage inventories remain about 25% below the five-year average. Below normal temperatures are expected to continue in the UK, France, Germany, Italy, Hungary, Poland, Scandinavia and the Balkans this week, while the 6-10 day period looks more normal, according to Maxar’s Weather Desk.
“All factors support the uptrend right now, as cold spring weather across Europe, supply concerns regarding Russia due to the relationship with Ukraine, and a surging carbon market all support the upturn,” said trading firm Energi Danmark in a Monday note. Day-ahead gas on the Dutch Title Transfer Facility (TTF) hub last week hit its highest level since January, while the front-year con
Weekly Natural Gas Prices Advance as Temperatures Drop and Heating Demand Mounts
In a stretch of trading defined by a barrage of chilly weather systems, weekly cash prices consistently gained ground amid steady heating demand across much of the Lower 48.
NGI’s Weekly Spot Gas National Avg. for the April 12-16 period climbed 24.5 cents to $2.495, with cash prices advancing four of the trading week’s five days.
The May Nymex natural gas futures contract, meanwhile, also forged ahead and settled at $2.680/MMBtu to close the trading week, up 6% from the prior week’s finish. Futures finished up at the close of four of the week’s five trading sessions as well.