Updated Sep 25, 2024
9/25/24
Could Mexico become one of the largest LNG exporters in the world? In a decade’s time, it could be a reality, a top executive overseeing a planned export project on the west coast said last week.
The October natural gas futures contract flew higher on Monday, building on the prior week’s rally and remaining comfortably above a key technical threshold. It settled at $2.613/MMBtu, up 17.9 cents day/day. This followed back-to-back gains to close out last week.
European natural gas prices moved higher on Monday as tensions rose in the Middle East and Ukraine.
Weekly natural gas cash prices were led higher by hubs in the Permian Basin flipping positive as all regions except Canada posted gains in the latest trading period.
Natural gas futures rocketed through midday trade Friday in a volatile session that saw the contract sink as low as $2.314/MMBtu and rise as high as $2.440. Changes in supply and demand fundamentals drove wide swings.
All signs point to North America becoming the worldwide price setter for natural gas, ConocoPhillips CEO Ryan Lance said Tuesday.
October Nymex natural gas futures stalled overnight before taking a decided turn higher, as weather forecasts varied, driving demand uncertainty, while producers maintained restraint to help balance the market.
October Nymex natural gas futures were higher through Monday afternoon trading as production cutbacks continued while strong LNG demand countered the expected decline in power sector load as weather turned mild across the bulk of the country.
Global natural gas prices continued to fall on Monday amid ample supplies and mild weather patterns.
Natural gas futures on Friday fell for the first time in four sessions amid profit-taking to close out the week. But bullish undercurrents largely prevailed in the aftermath of the former Hurricane Francine.