Breaking News
Get 40% Off 0
Is NVDA a 🟢 buy or 🔴 sell? Unlock Now

Natural gas hits key bullish $3 mark first time since Jan

Published Aug 09, 2023 10:10AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters
 
NG
-7.74%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

Investing.com - Natural gas futures hit seven-month highs of above $3 per mmBtu, or million metric British thermal units, on Wednesday as speculators chased up prices of America’s favorite fuel for indoor cooling and heating amid a reported slow down in production from pipeline issues.

By 09:35 ET (13:35 GMT), the front-month September gas contract on the New York Mercantile Exchange’s Henry Hub was at $2.95 per mmBtu, up 17.3 cents, or 6.2% on the day. It earlier hit $3.018.

The last time gas prices on the hub crossed $3 was during the week of Jan. 20, when they peaked at $3.595.

Prior to Wednesday, the market had been stuck at mid-$2 for months as production often came in higher than thought, with weather conditions less intense than projected, resulting in less power burns than forecast for heating and cooling.

Analysts at Gelber & Associates, a Houston-based energy markets advisory, had warned earlier this week about maintenance issues on the NEXUS and REX pipelines that could slow gas production, which had often breached the daily threshold of 1 billion cubic feet, or bcf.

Nexus is an approximately 256-mile, 36-inch interstate natural gas transmission pipeline designed to transport up to 1.5 bcf of daily gas delivery from feed points in eastern Ohio to southeastern Michigan. REX, an acronym for the Rockies Express Pipeline, is a 1,679-mile (2,702 km) long gas delivery gas system from the Rocky Mountains of Colorado to eastern Ohio.

“Overall, the suppression of Northeastern (gas) flows will likely be felt in Lower 48 production throughout the week,” the analysts at Gelber said, referring to output across the 48 contiguous U.S. states.

Natural gas hits key bullish $3 mark first time since Jan
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (5)
Zaheer Khalfan
Zaheer Khalfan Aug 09, 2023 8:45PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The $10 days are around the corner
Janis Kreicbergs
Janis Kreicbergs Aug 09, 2023 8:45PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
At the spring was forecast that Ng can reach 5.5 mark at the autumn till October - November
Tom Michaels
Tom Michaels Aug 09, 2023 11:54AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
World wide scam, hmmm, Winter is coming, price fixing on the horizon.
Daniel Haren
Daniel Haren Aug 09, 2023 11:51AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
This jump in price cant hold can it?  1 billion cubic feet per day is less than 1% of daily production.  And represents a reduction of daily surplus by about 20%.  What is the estimate for when this pipeline will be back to normal operation?
Barani Krishnan
Barani Krishnan Aug 09, 2023 11:51AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I'm not really sure at this point if pipeline squeeze is entirely the reason for this. We'll know more as the hours progress.
Empire Destroyer
Empire Destroyer Aug 09, 2023 11:51AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Barani Krishnan  Australia threat of strikes... which is potentially subsiding but market won't care, they got their narrative to squeeze bears
Broc Bellmore
REDcandleCLUB Aug 09, 2023 11:21AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Thank you sir
Barani Krishnan
Barani Krishnan Aug 09, 2023 11:21AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
You're most welcome, Broc.
Green Greta
GreenGreta Aug 09, 2023 10:33AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
thanks Barani, glad I held 2/3 my position till today! take all little wins. Knew 3 would hit again! now keep eyes out for short opportunities.
Barani Krishnan
Barani Krishnan Aug 09, 2023 10:33AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Best of luck, GG! I love your opportunistic, play-it-both-ways game! And your avatar, of course -- Greta (greater) LOL!
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email