Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By Freedom Bunker
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

Bottom Watch: US NatGas Prices Snap Longest Losing Streak Since 2020

% of readers think this story is Fact. Add your two cents.


Bottom Watch: US NatGas Prices Snap Longest Losing Streak Since 2020

US natural gas prices broke their longest monthly losing streak since 2020. This comes after an El Niño winter swept across the Lower 48, causing demand to dwindle and storage levels to surge, sending prices spiraling lower in recent months. However, now there are signs a bottom is forming in NatGas markets.

April printed the first monthly gain since October, up nearly 13%, breaking the longest losing streak in more than four years. 

Between mid-February and late April, prices were floored around $1.50/MMBtu with resistance around the $2 mark. Since last week, prices have surged above $2.

One reason for the bullish price action is that the market expects warmer weather across the Lower 48. Peak summer is mid-July, and this is the point when households and businesses crank up air conditioning, which ignites power demand from NatGas-fired power plants. 

FXStreet noted the prices are also rising today due to a higher war risk premium as “Israel is starting offensive in Rafah.” 

Warmer weather will help draw down on the record NatGas storage in the US. The end of the withdrawal season was:

  • 2019: 1.107 trillion cubic feet (tcf)
  • 2020: 1.986 tcf
  • 2021: 1.750 tcf
  • 2022: 1.386 tcf
  • 2023: 1.830 tcf
  • 2024: 2.259 tcf

The 2.259 tcf figure is the highest inventories in years for the US, specifically due to mild winter weather.  

On Monday, Goldman’s Samantha Dart gave clients a snapshot of NatGas fundamentals in the US. The big takeaway is elevated storage but declining production due to ongoing maintenance. 

Dart notes that the power demand for NatGas remains elevated. 

In a separate note last week, Dart said increasing power demand for data centers “might not change much for US gas prices.” 

The good news for US NatGas prices is that LNG exporting capacity is expected to ramp up next year. 

NatGas prices have likely bottomed. 

Tyler Durden Tue, 05/07/2024 – 05:45

Read More…


Source: https://freedombunker.com/2024/05/07/bottom-watch-us-natgas-prices-snap-longest-losing-streak-since-2020/


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Lion’s Mane Mushroom

Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, But it benefits growth of Essential Gut Flora, further enhancing your Vitality.



Our Formula includes:

Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity.

Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins.

Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system.

Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome.

Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function.

Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules. Today Be 100% Satisfied Or Receive A Full Money Back Guarantee Order Yours Today By Following This Link.

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

MOST RECENT
Load more ...

SignUp

Login

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.