Articles tagged Eia

Underground stockpiles of natural gas in the Midwest are all but sure to finish the summer far above historical norms, reflecting robust production that offset strong seasonal cooling demand. Storage entered the summer at stout levels after a mild 2023-24 winter kept heating demand in check.

Coming off a slump the week before, natural gas futures extended their losing ways through early afternoon trading on Monday. Market participants fixated on early signs of fall weather and robust supplies. Near-term heat, however, propelled cash prices.

Bears maintained control in the week’s closing session as natural gas futures fell deeper amid growing concerns that mild weather would ease demand and limit the ability to wear away a hefty storage surplus.

The U.S. Energy Information Administration (EIA) is cutting its projected average Henry Hub natural gas spot price to $2.20/MMBtu for 2024, down 5.2% from the $2.30 average price the agency modeled a month earlier.

• Natural gas futures pull back from early highs but still in positive territory as weather models seen cooler over weekend
• April Nymex contract trading at $1.713/MMBtu as of 2:10 p.m. ET, up 5.8 cents
• “Changes over the weekend were colder, particularly for the Plains and Midwest” throughout 15-day projection period, according to Maxar meteorologist Brad Harvey
• Maxar expecting “volatility in future model runs until they hone in on a solution,” Harvey said on Enelyst
• Per NatGasWeather: Outlook “neutral to slightly bullish” through early next week, then “neutral to slightly bearish March 27-April 4”
• NGI modeling 9 Bcf injection into Lower 48 storage for week ended March 15, versus five-year average 42 Bcf withdrawal
• Physical prices rallying on late season chills; Henry Hub up 16.5 cents to $1.535, per NGI’s MidDay Price Alert
• Weather systems expected to “track across the northern tier the next seven days with rain, snow and just enough chilly air to keep national demand near to slightly stronger than normal,” according to NatGasWeather
• National Weather Service calling for “frost/freeze risk” for parts of South and Southeast and “rounds of lake effect snow…downwind of the Great Lakes” 
• Midwest Regional Avg. up 14.5 cents to $1.480; Southeast Regional Avg. at $1.530, up 22.5 cents, per MidDay Price Alert

Natural gas production from major Lower 48 plays will hold mostly steady from March to April as oil-focused regions boost output to offset declines in the Haynesville Shale and Appalachian Basin, according to the U.S. Energy Information Administration (EIA).

The U.S. Energy Information Administration (EIA) is slashing its projected 2024 average Henry Hub natural gas spot price by 14% versus its month-earlier forecast after observing record lows for the benchmark in February, the agency said Tuesday.

For the first time in nine sessions, natural gas futures on Friday forged ahead as discount buying finally overtook the mild weather forecasts and elevated supplies that had sapped the will of price bulls most of this month.

Henry Hub natural gas spot prices are set to remain subdued at around $2.40/MMBtu in February and March amid unusually mild weather, the U.S. Energy Information Administration (EIA) said in an updated forecast Tuesday.

March Nymex natural gas futures ended nearly unchanged on the plus side in the week’s opening session as the market locked onto near-term weather forecasts for mild conditions ahead of an expected blast of mid-February cold.