Latest news with #NewYorkMercantileExchange
Business Recorder
3 days ago
- Business
- Business Recorder
US natgas prices steady on expected storage build
NEW YORK: US natural gas futures were little changed on Thursday as forecasts for less demand this week than previously expected offset predictions of more demand next week. Prices were also not affected by a federal report showing energy firms added an expected, near-normal amount of gas to storage last week after injecting more gas than normal into storage during the prior five weeks. On its first day as the front-month, gas futures for July delivery on the New York Mercantile Exchange rose 0.5 cents, or 0.1%, from where the July contract closed on Wednesday to $3.562 per million British thermal units at 10:33 a.m. EDT (1433 GMT). Despite the steady prices, the front-month was still up about 10% from where the June contract expired when it was still the front-month on Wednesday. The front-month was also on track for its highest close since May 13. The US Energy Information Administration said energy firms added 101 billion cubic feet (bcf) of gas into storage during the week ended May 23. That was close to the 99-bcf build analysts forecast in a Reuters poll and compares with an increase of 84 bcf during the same week last year and a five-year average build of 98 bcf for this time of year. That increase boosted gas stockpiles to around 4% above the five-year (2020-2024) average. Financial firm LSEG said average gas output in the Lower 48 US states fell to 105.0 billion cubic feet per day so far in May, down from a monthly record of 105.8 bcfd in April.
Business Recorder
22-05-2025
- Business
- Business Recorder
US natgas prices ease on smaller-than-expected decline in output
NEW YORK: US natural gas futures fell around 1% on Wednesday on a smaller than previously expected decline in daily output so far this month after a 10%-price jump on Tuesday forced some traders to cover some short positions. Gas futures for June delivery on the New York Mercantile Exchange fell 2.4 cents, or 0.7%, to $3.403 per million British thermal units at 9:07 a.m. EDT (1307 GMT). Analysts said heating and cooling demand should remain low across much of the country in coming weeks, allowing utilities to keep adding more gas into storage than normal for this time of year. Gas stockpiles were already around 3% above the five-year (2020-2024) average. Financial firm LSEG said average gas output in the Lower 48 US states fell to 104.9 billion cubic feet per day so far in May, down from a monthly record of 105.8 bcfd in April. On a daily basis, however, output was on track to slide to a preliminary two-week low of 103.9 bcfd on Wednesday, down from 105.0 bcfd on Tuesday and an average of 105.2 bcfd during the prior seven days. That daily output decline was smaller than LSEG's outlook on Tuesday. Analysts noted preliminary data is often revised later in the day. Energy traders noted those output reductions were due in part to maintenance on some gas pipes, including US energy firm Kinder Morgan's 2.7-bcfd Permian Highway from the Permian Basin in West Texas to the Texas Gulf Coast. Kinder Morgan said it will perform a turbine exchange at the Big Lake compressor station from May 13-26 that will reduce mainline capacity to around 2.2 bcfd. Meteorologists projected the weather would remain mostly warmer than normal through June 6. LSEG forecast average gas demand in the Lower 48, including exports, will drop from 99.4 bcfd this week to 94.9 bcfd next week. The forecast for this week was higher than LSEG's outlook on Tuesday. The average amount of gas flowing to the eight big liquefied natural gas export plants operating in the US fell to 15.1 bcfd so far in May, down from a monthly record of 16.0 bcfd in April.
India.com
21-05-2025
- Business
- India.com
India might be in trouble if Israel takes THIS step against..., it can lead to...
Israel PM Netanyahu- File image Bad news for India: In a matter of bad news for Indian markets, international oil prices surged on Wednesday amid market concerns over potential disruptions in global crude oil supply. The price of Brent crude rose by 69 cents i.e. 1.06% to reach $ 66.07 per barrel and at the same time, the WTI crude traded at $ 66.07 per barrel with a rise of 69 cents i.e. 1.06%. The surge in the prices of international oil were triggered by regional tension as reports speculated that Israel may target Iran 's nuclear facilities. Here are all the details you need to know about the price rise. Israel prepares to strike Iran 's nuclear facilities As per US media reports, Israel is preparing to strike Iran 's nuclear facilities and as a result of the concerning news update, oil supply and intensification of regional conflicts, dramatically driving up international oil prices on Wednesday with the New York crude oil future price rising by more than 3 percent at one point. Global crude oil supply impacted According to a Reuters report, as of 03:30 GMT on Wednesday, the price of light crude oil futures for July delivery on the New York Mercantile Exchange rose by 96 cents, an increase of 1.6 percent, while Brent crude oil futures for July delivery rose by 97 cents, an increase of 1.5 percent. Israel-Iran conflict: Impact on oil prices Readers should note that Iran is the third-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC), and if Israel strikes Iran, it could disrupt oil supplies from Iran . Moreover, Iran may also take retaliatory actions by blocking the Strait of Hormuz, which is expected to further affect oil exports from multiple countries. In case of a conflict between Iran and Israel, the prices of petrol and diesel are expected to rise in India, impacting the pockets of middle class. (With inputs from agencies)
Business Recorder
21-05-2025
- Business
- Business Recorder
US natural gas prices climb on lower output, higher demand
NEW YORK: US natural gas futures climbed about 4% on Tuesday on a decline in daily output and forecasts for more demand next week than previously expected. Gas futures for June delivery on the New York Mercantile Exchange rose 12.1 cents, or 3.9%, to $3.234 per million British thermal units at 8:55 a.m. EDT (1255 GMT). On Monday, the contract closed at its lowest since April 25. Analysts said heating and cooling demand should remain low across much of the country in coming weeks, allowing utilities to keep adding more gas into storage than normal for this time of year. Gas stockpiles were already around 3% above the five-year (2020-2024) normal. Financial firm LSEG said average gas output in the Lower 48 US states fell to 103.9 billion cubic feet per day so far in May, down from a monthly record of 105.8 bcfd in April. On a daily basis, output was on track to slide to a preliminary one-week low of 103.4 bcfd on Tuesday, down from 104.7 bcfd on Monday and an average of 104.1 bcfd over the prior seven days. Analysts noted preliminary data is often revised later in the day. Energy traders noted that part of the reason for output reductions this month was maintenance on some gas pipes, including US energy firm Kinder Morgan's 2.7-bcfd Permian Highway from the Permian Basin in West Texas to the Texas Gulf Coast. Kinder Morgan said it will perform a turbine exchange at the Big Lake compressor station from May 13-26 that will reduce mainline capacity to around 2.2 bcfd. Traders have noted the Permian Highway and other pipeline work trapped some gas in the Permian Basin, causing spot gas prices at the Waha Hub in West Texas to drop to a negative $1.52 for Monday. Waha prices, however, rose to a positive 46 cents for Tuesday. LSEG forecast average gas demand in the Lower 48, including exports, will drop from 98.8 bcfd this week to 95.1 bcfd next week. The forecast for next week was higher than LSEG's outlook on Monday. The average amount of gas flowing to the eight big liquefied natural gas export plants operating in the US fell to 15.1 bcfd so far in May, down from a monthly record of 16.0 bcfd in April.
Business Recorder
15-05-2025
- Business
- Business Recorder
US natgas prices ease to two-week low ahead of storage report
NEW YORK: US natural gas futures eased about 1% to a two-week low on Thursday on forecasts for less demand next week than previously expected. That small price decline came ahead of a federal report expected to show last week's storage build was much bigger than usual because mild weather kept both heating and cooling demand for gas lower than usual for this time of year. Gas futures for June delivery on the New York Mercantile Exchange fell 4.9 cents, or 1.4%, to $3.443 per million British thermal units by 9:08 a.m. EDT (1308 GMT), putting the contract on track for its lowest close since April 30. Despite a heat wave coming to Texas this week, analysts said heating and cooling demand should remain low across much of the rest of the country in coming weeks, allowing utilities to keep injecting more gas into storage than normal for this time of year. Analysts projected utilities added 109 billion cubic feet (bcf) of gas into storage during the week ended May 9. That compares with an increase of 73 bcf during the same week last year and a five-year average build of 83 bcf for this time of year.
