U.S. Gas Posts Largest Gain Since October on Chillier Forecast
(Bloomberg) -- U.S. natural gas futures posted their largest gain since late October on a chillier weather forecast that calls for more demand of the heating fuel in Chicago and other large population centers.
Futures for January delivery settled 8.8% higher at $4.06 per million British thermal units on the New York Mercantile Exchange on Monday for the steepest one-day advance since Oct. 25.
- Midday update to Global Forecast System model shifted colder for North Plains, Northeast Jan. 6-10: Maxar
- Latest figures from BNEF:
- Lower 48 dry gas production ~97.6 bcf, or +6% y/y
- Lower 48 total gas demand ~84.6 bcf, or -4.7% y/y
- Dry gas exports to Mexico ~5.8 bcf, or -6.9% w/w
- Estimated gas flows to LNG export terminals ~12.6 bcf, or -2.3% w/w
- See WHUT for a map of latest 6-10 day weather forecast: NOAA
- See WFOR for temperature forecasts, click Browse, then Energy Market Regions then US Lower 48 and then Update
Gas Market News:
- European Gas, Power Extend Slump as LNG Supplies Promise Relief
- U.S. Heating Demand Was 30 Degree Days Below Normal Last Week
- Gas Tankers Hauling U.S. Fuel Crowding Europe-Bound Sea Lanes
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