Intercontinental Exchange reports record open interest amid surge in US and Dutch TTF gas and Abu Dhabi oil
Intercontinental Exchange Inc., the leading global provider of energy trading platforms, said that global futures and options markets reached record open interest of almost 94 million contracts during March as market players in sectors such as oil, natural gas and LNG launched hedging operations as prices declined.
US energy forecasts natural gas price rise in months ahead and in crude oil even amid record gas output
The United States forecasts an increase in natural gas prices for the summer months of 2023 due to inventories narrowing the surplus to the five-year storage average, though would be much lower than last year’s price of almost $8.00 per million British thermal units in some quarters.
US energy outlook for May explains changes in weather methodology and skips LNG forecasts
The United States short-term energy outlook for May said that in future it would make use of changed methodology and the new model would combine a 30-year trendline and the National Oceanic and Atmospheric Administration’s forecast to create the weather forecasts.
US natural gas record
Jan 15 (LNGJ) - US dry natural gas production set a record in 2019 to average 92.0 billion cubic feet per day, according to the Energy Information Administration. The EIA forecasts dry natural gas production will rise to 94.7 Bcf per day in 2020 and then decline to 94.1 Bcf per day in 2021.
“Production in the Appalachian region drives the forecast as it shifts from growth in 2020 to declining production in 2021,” said the EIA short-term forecast.
On pricing, the benchmark Henry Hub natural gas spot price is seen averaging $2.33 per million British thermal units in 2020, down from $2.57 per MMBtu in 2019. It is then expected that natural gas prices will increase in 2021, reaching an annual average of $2.54 per MMBtu.
IEA Outlook expects China to be importing twice as much LNG as future No. 2 importer India
The International Energy Agency says the massive expansion of natural gas production is having wide-ranging effects on the global liquefied natural gas balance by underpinning major investments in new liquefaction capacity despite low gas prices in both Europe and Asia.
High US natural gas consumption and rising LNG shipments coincide with production surge
Rising US natural gas domestic consumption and LNG shipments overseas, along with cross-border pipeline exports, are coinciding with increasing production, keeping prices stable even amid relatively low storage levels.
US says its LNG exports will grow rapidly through 2030 and outpace pipelines to Mexico
US natural gas pipeline exports to Mexico and the nation’s global LNG exports are forecast to increase until 2020 and through 2030, pipeline export growth to Mexico slows and LNG exports grow rapidly, according to the latest US government energy report.
US prices and output
Oct 12 (LNGJ) - The latest US government short-term energy outlook said it expected growth in LNG exports and domestic natural gas consumption in 2018 would contribute to a rise in the benchmark Henry Hub natural gas spot price from an annual average of $3.03 per million British thermal units in 2017 to $3.19 per MMBtu in 2018. The report added that the nation’s dry natural gas production would average 73.6 billion cubic feet per day (Bcf/d) in 2017, a 0.8 Bcf/d increase from the 2016 level. Natural gas production in 2018 is forecast to be 4.9 Bcf/d higher than the 2017 level.
