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Exxon Shocks As Oil Reserves Drop By A Third

Exxon Shocks As Oil Reserves Drop By A Third

Exxon slashed its oil reserves…

Natural Gas Prices Plunge On Warmer Weather Trends

As soon as Goldman Sachs gets bullish on natural gas, new weather models are forecasting warmer weather trends for the next two weeks. As a result, NYMEX Henry Hub natgas February futures have plunged 5% Tuesday morning. 

The plunge in natgas futures come on milder forecasts for the US, which means heating demand will wane over the next two weeks than previously expected. 

"That decline came even though liquefied natural gas (LNG) exports remained near record levels and last week's storage draw was slightly bigger than expected," said Investing.com's Ajay Kedia

Kedia said, "US natural gas production and demand will drop in 2021 as the economic fallout from coronavirus lockdowns continues." 

Meteorologists at BAMWX expanded more on the new weather models that forecast warmer weather trends for the US through the end of the month. 

They tweeted, "A look at what natgas was expecting FRI for week 2 vs the latest data rolled into the 5-12 day period. EPS lost 17 HDDs in that period GEFS lost 11.3 HDDs in that period BAM had to lower HDDs 3 points in that period (our FRI week 2 shown)." 

From the Southwest to Mid-Atlantic, temps will be slightly above average through the end of the month. 

By Zerohedge.com

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  • George Doolittle on January 20 2021 said:
    There was *a Winter* but very little to no snow 2020-2021 so far. Still February to go but that leaves only 4 weeks. Great news for the Battery Electric Vehicle Industry as Distribution goes full on 24/7/365 and gasoline demand in the USA plunges yet again and possibly even more than as a result of "the Covid-19."

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