US energy report forecasts drop in Haynesville and Appalachia shale output but US oil production to hit records
The US government’s short-term energy report for June forecasts declines in natural gas production in the Haynesville and Appalachia shale basins before a rebound in 2025 backed by higher benchmark Henry Hub gas prices, while also forecasting annual record production in 2024 and 2025 for US crude oil.
European natural gas market enters backwardation as storage drops and usage rises while Asian LNG values fall
European natural gas entered backwardation as prices in Europe and Asia dropped to three-year lows even as demand increased as temperatures fell and gas storage levels registered large draws, while US and UK air raids on Yemen still failed to push oil over $80 a barrel.
European and Asian LNG prices decline again amid ample storage and a gathering pace of cargo deliveries
European and Asian liquefied natural gas prices fell over the past week with the Dutch Title Transfer Facility benchmark declining by over 7 percent as European Union storage levels hit 100 percent and energy security concerns waned with cargo deliveries gathering pace and seasonal temperatures prevailed.
LNG shipments increase as prices and cargo values stay high in Asia and Europe amid tight global supplies
Demand for liquefied natural gas increased and the number of cargo liftings rose even as the price of Asian spot shipments jumped to over $23 and European values stayed high after a week of records amid very tight supply for the end of the Northern Hemisphere summer season.
