Updated Aug 30, 2024
8/30/24
Multi-basin independent Gulfport Energy Corp., whose Lower 48 portfolio is 92% weighted to natural gas, is holding production flat to wait for stronger prices into 2025.
Against a backdrop of solid demand, possible production cuts and potentially modest August storage injections, natural gas forward prices during the Aug. 1-8 trading period found room to move higher.
A portion of the recently completed Mountain Valley Pipeline LLC (MVP) was shut for maintenance Tuesday, causing capacity cuts and driving Southeast regional natural gas prices higher.
Natural gas futures jumped on Tuesday to end a four-day slide as lighter production readings and mild impacts from remnants of former Hurricane Debby provided the catalyst for a relief rally.
Natural gas prices mostly lost ground in August bidweek trading as rising production volumes and stout supplies in storage undercut the impact of forecasts for a sweltering end to the summer.
August natural gas futures were narrowing losses through midday trading Wednesday, supported by EQT Corp. management saying they would continue to “tactically” curtail output into the fall.
August natural gas futures fell below key support through midday trading Monday as weather forecasts trimmed demand outlooks and Lower 48 gas output rose to a new three-month high.
Weekly natural gas cash prices dropped in the final week of June – after rallying through the first three weeks of the month – despite exceptional early summer heat and forecasts for more to come.
Williams' major natural gas pipeline system has requested federal approval to place more capacity into service next month on the 0.83 Bcf/d Regional Energy Access (REA), which serves Pennsylvania to New Jersey.
Natural gas futures fell for a third day on Friday, weighed down by upward revisions to production data and weather models trimming a little from June’s record heat outlook.