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Natural gas HH Futures Gap Up 8.23%
European model trended colder over weekend, 8-15 with 13 HDD increase.
LNG feed gas demand est 14.9 Bcf/d SundayMay 2.288 +0.174
Jun 2023 2.435 +0.130
Jul 2023 2.646 +0.101
Aug 2023 2.709 +0.100Colder trends focused around a weather system expected to move into the central Lower 48 and then track across the Great Lakes and Northeast between this coming Sunday and April 26.
“It’s not a frigid system, with lows only dropping into the 20s and 30s, but some demand was added, and this could be reason” for prices to advance higher following the weekend break, with “moderate late season HDD across the northern U.S., just numerous HDD colder for the next 15 days compared to Friday’s data,” NatGasWeather said.
LNG feed gas demand estimated 14.9 Bcf/d on Sunday, nearly 2.2 Bcf/d higher than the January-March average, according to EBW estimates.
“Natural gas production readings are soft,” EBW Rubin said. “While the storage surplus may surge in the coming weeks, a key technical test at the 20-day moving average at $2.179 may provide an inflection point for the May contract as the natural gas market looks to reverse a months-long downtrend.”
LNG demand is driving natural gas demand. Average gas flows to the seven big U.S. LNG export plants rose to 14.1 billion cubic feet per day (bcfd) so
[See the full post at: Into The Vortex – Natural Gas Outlook for The Week Ahead]
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