• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 4 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 hours How Far Have We Really Gotten With Alternative Energy
  • 9 days They pay YOU to TAKE Natural Gas
  • 5 days What fool thought this was a good idea...
  • 8 days Why does this keep coming up? (The Renewable Energy Land Rush Could Threaten Food Security)
  • 3 days A question...
  • 14 days The United States produced more crude oil than any nation, at any time.
Oil, Gas Activity in U.S. Holds Steady

Oil, Gas Activity in U.S. Holds Steady

The total number of active…

Two Sectors Driving the Future of Oil Demand

Two Sectors Driving the Future of Oil Demand

Oil demand is expected to…

U.S. Natural Gas Prices Rise 4% After Huge Selloff

U.S. Natural gas prices had rebounded by nearly 4% as of midday Wednesday after five consecutive days of sell-off when it became clear that predictions of a supply squeeze were wrong. 

Henry Hub natural gas futures were trading at $4.145 at 1.38 p.m. EST, up nearly 4% on the day, after gaining as much as 5% earlier in the day. 

For the five days prior, Henry Hub natural gas futures had been trading below $4 and had lost one-quarter of their value. 

Now, prices will be waiting on Thursday’s weekly gas storage data from the Energy Information Administration (EIA). 

Henry Hub prices peaked in August at $10, still enjoying $7 per mmBtu earlier in December. Overall, natural gas futures managed to close out the year up 22%, largely because the market was anticipating undersupply and more consistent severe cold. 

When neither of those things emerged, prices plunged at the beginning of the New Year.  

As of Wednesday, the consensus seemed to be emerging that natural gas futures had been oversold, allowing them to recoup some losses. 

“NYMEX gas futures prices have slowed their capitulation, and signs of being oversold are emerging,” Houston-based energy markets consultancy Gelber & Associates said, as reported by Investing.com UK

Nonetheless, Gelber remained bearish in terms of supply and demand, citing “projected daily natural gas storage withdrawals will remain bearish versus the five-year average through at least January 12”. 

In Europe, natural gas prices continued their plunge on Wednesday thanks to a milder-than-expected winter. On Wednesday, the Dutch TTF front-month gas futures dropped to under $75, representing only half the price it was in early December. 

ADVERTISEMENT

Reuters reports that Europe is now seeing an increase in inventories that could actually “overwhelm” storage. 

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • George Doolittle on January 04 2023 said:
    *"live by weather speculation die by it now, too."* The fact remains that pure BEV takes vehicle safety and autonomy to truly be labelled not incorrectly in the least *"Das Auto."* The *GREAT* news for the US energy sector not least being ironically Tesla which has done a tremendous job stabilizing the US energy grid as with Australia as well too so too has SpaceX created a very impressive demand for both right proper refined product (kerosene fuel grade rocket propellant) but far more importantly the most reliable fuel delivery system imaginable in of all places Florida but of course Texas as well. Also given the complexity of managing so much space launchings 2023 i think this would be great news for creating proper Airport Authority across the entirety of the USA and hopefully North America inclusive of entire Caribbean Basin as well.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News