• 2 minutes Rational analysis of CV19 from Harvard Medical School
  • 4 minutes While U.S. Pipelines Are Under Siege, China Streamlines Its Oil and Gas Network
  • 7 minutes Renewables Overtake Coal, But Lag Far Behind Oil And Natural Gas
  • 5 hours China wields coronavirus to nationalize American-owned carmaker
  • 1 min Joe Biden the "Archie Bunker" of the left selects Kamala Harris for VP . . . . . . Does she help the campaign ?
  • 15 hours Open letter from Politico about US-russian relations
  • 14 mins Trump Hands Putin Major Geopolitical Victory
  • 1 day US will pay for companies to bring supply chains home from China: Kudlow - COVID-19 has highlighted the problem of relying too heavily on one country for production
  • 3 days Trumpist lies about coronavirus too bad for Facebook - BANNED!
  • 5 hours COVID&life and Vicious Circle: "Working From Home Is Not Panacea For Virus"
  • 3 days China's impending economic meltdown
  • 1 day Trump is turning USA into a 3rd world dictatorship
  • 15 hours Oil Tanker Runs Aground in Mauritius - Oil Spill
  • 2 days Liquid Air Battery
  • 2 days What the heroin industry can teach us about solar power (BBC)
  • 3 days The Truth about Chinese and Indian Engineering
Why Natural Gas Prices Just Exploded

Why Natural Gas Prices Just Exploded

Natural gas prices were soaring…

The Permian Could See Record Gas Production In 2021

The Permian Could See Record Gas Production In 2021

The Permian basin could return…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

Nat Gas Prices Crash As U.S. Exports Fall

The price of natural gas fell nearly 5% on Monday, as lower U.S. LNG exports threaten to exacerbate inventories, which are already significantly higher than the five-year average.

The price of natural gas was just $1.636 as of 4:27pm EDT, a drop pf $0.082 or 4.77%.

The EIA reported that U.S. LNG exports fell week over week for the week ending July 15, with just four vessels with a combined carrying capacity of 15 Bcf leaving the United States that week. This is the lowest volume since the end of 2016—a time when the Sabine Pass LNG was the only LNG export facility in the United States, according to FX Empire.

Last year at this time, natural gas deliveries to U.S. LNG export facilities were setting records, according to the EIA. This year, the pandemic is cramping the style for the cleaner fuel, and inventories are well above the five-year average, at 3.178 billion cubic feet as of July 10. That compares to the year ago levels of 2.515 Bcf, and the five-year average of 2.742 Bcf.

But the low prices did little to assuage Chevron’s appetite for Houston-based energy producer Noble Energy, who is embedded with natural gas in a major Israeli gas project, Leviathan.

Chevron’s CEO sees the near-term oil market as “cloudy”.

“The crystal ball is cloudy right now. There’s so much uncertainty on the trajectory of the pandemic, the rate of development of effective vaccines and government policy interventions to try to manage risk between here and there. It’s a fluid environment. We expect choppy economic and price activity,” Chevron CEO Mike Wirth said in an interview with Reuters.

Chevron does see long-term demand growth for natural gas, however, largely from population growth and the push to lower greenhouse gas emissions.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News