RE: Sp30 Dec 2022 08:32
Gas prices not helping……chart showing back to square one!
“ US natural gas futures were trading below $4.5/MMBtu at the end of 2022, the lowest in over nine months, amid prospects of lower heating demand on forecasts for much warmer-than-normal temperatures this week and in early January. Also, concerns eased about supply disruptions including wells and pipes freezing due to extreme cold. At the same time, the Freeport LNG export plant in Texas, forced to go offline in June following a fire, again delayed the restart to the second half of January, pending regulatory approval. The benchmark is still up more than 30% in 2022 as Russia's invasion of Ukraine and the unprecedented economic sanctions have thrown the global energy market into chaos.‘
With the Fed recalibrating rates hopefully the US avoids recession. That could be good news for DEC and of course the weather!
“ Natural gas accounts for almost a quarter of United States energy consumption. The NYMEX Division natural gas futures contract is widely used as a national benchmark price. The futures contract trades in units of 10,000 million British thermal units (mmBtu). The price is based on delivery at the Henry Hub in Louisiana, the nexus of 16 intra- and interstate natural gas pipeline systems that draw supplies from the region's prolific gas deposits. The United States is the biggest natural gas producer followed by Russia.”
https://tradingeconomics.com/commodity/natural-gas
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