Updated Aug 30, 2024
8/30/24
North American natural gas prices slumped this week as summer heat waned and supplies flooded the market.
On Thursday afternoon, North American Mercantile Exchange futures prices for September moved closer to the $2.00/MMBtu mark.
Cash prices were hammered. Henry Hub traded as low as $1.880 and averaged $1.915 on Thursday, down 20.5 cents day/day, NGI data showed. Henry Hub gas prices at $3.00 and above aren’t likely until December, according to NGI’s Forward Look.
Christopher joined NGI as a Senior Editor for Mexico and Latin America in November 2018. Prior to that, he was a Senior Editorial Manager at BNamericas in Santiago, Chile. Based out of Santiago, he has covered Latin American energy markets since 2009 as a reporter, editor and analyst. He has an MA in International Economic Policy from Columbia University and a BA in International Studies from Trinity College.
North American natural gas futures were once again above the $2.00/MMBtu mark as the market turned to the post-summer season.
North American natural gas prices have gathered some momentum for the first time in many months amid tighter supply balances.
North American natural gas futures were stuck again this week as persistent supply surpluses did little to excite bulls.
North American natural gas prices continued to search for and not find momentum this week. Despite sizzling temperatures and soaring power demand, U.S. natural gas production of around 102 Bcf/d was more than enough to keep prices subdued.
Liberty Energy Inc. CEO Chris Wright said he thinks artificial intelligence (AI) and the return of manufacturing in the United States would bode well for natural gas demand. He also said exports to Mexico would be “increasingly important” and could support the price of U.S. natural gas indexes going forward.
LNG tanker Energos Princess has pulled up to New Fortress Energy Inc.’s floating storage unit at Altamira, Mexico, according to ship-tracking data from Kpler.
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