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Global Natural Gas Prices Climb Again as Supplies Remain Tight - LNG Recap

Tudor, Pickering, Holt & Co. (TPH) said European storage rose by 76 Bcf last week, below the five-year build of 88 Bcf. “European inventories continue to struggle to fill, providing further support for pricing and, with the Japan-Korea Marker still commanding a premium, LNG continues to pull toward Asia,” TPH analysts said.  After stalling near the mid-$13/MMBtu range last week as some buyers took a breather amid the run-up in prices, JKM spot assessments were back up on Monday near $14. Hotter weather in northeast Asia and continued demand is supporting prices in the region.  Henry Hub prices climbed Monday after a hotter shift in U.S. forecasts  over the weekend through the end of July helped spark a rally in early trading. The August contract gained 10 cents to finish at $3.779/MMBtu.

Republican governors rip Biden for policies hampering fossil fuel industry

The governors’ rebuke comes as the nation’s average gas price has hit $3.17 a gallon.  “Since taking office, President Biden has used executive action to interfere in the market and force banks to bend their will to the left’s energy policies, including efforts to gut the oil, gas, and coal industries,” says the statement, led by Wyoming Gov. Mark Gordon. “These policies have punished consumers still recovering from the pandemic.”  In addition to Gordon, the statement was also signed by Alaska Gov. Mike Dunleavy, Arizona Gov. Doug Ducey, Missouri Gov. Mike Parson, Montana Gov. Greg Gianforte, Nebraska Gov. Pete Ricketts, North Dakota Gov. Doug Burgum, South Dakota Gov. Kristi Noem, Utah Gov. Spencer Cox, and Texas Gov. Greg Abbott.

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