Updated Aug 30, 2024
8/30/24
Senior Editor, Markets
Charleston, SC
As Permian Basin natural gas volumes continue to exceed expectations and drive record activity, Enterprise Products Partners LP has sanctioned a natural gas liquids (NGL) expansion to meet customers’ growing appetite for export capacity, executives said Tuesday.
Weather forecasts that called for a sweltering August in California supported baseload natural gas prices in the region on the third day of bidweek trading (July 29), NGI’s Bidweek Alert (BWA) showed.
August natural gas futures dropped below $2.00/MMBtu as near-term bearishness persisted, but shifts in sentiment and technical indicators implied higher prices when the September contract moves into the lead position on Tuesday.
Baseload natural gas prices continued to be mixed on Friday, the second day of August bidweek trading, with the bias to the downside at hubs in major producing regions.
The U.S. natural gas rig count fell by two for the week ending Friday (July 26), while a five-rig increase in the oil patch sent the combined domestic tally up to 589, according to the latest Enverus and Baker Hughes Co. (BKR) data.
Modest and directionally mixed forward prices during the July 18-24 trading period hinted at impending strength in natural gas markets amidst ongoing supply concerns and changing weather patterns.
Management for Range Resources Corp. said hedging strategically and capturing more favorable liquids prices would help navigate the volatile natural gas market as the exploration and production firm holds production steady through the end of the year.
Spooked by blistering heat, natural gas traders sent August baseload prices higher for several locations on the first day of bidweek trading, NGI’s Bidweek Alert (BWA) showed.
Modest and directionally mixed forward prices during the July 18-24 trading period hinted at impending strength in natural gas markets amidst ongoing supply concerns and changing weather patterns.
DeLa Express LLC took the next steps toward gaining FERC approval to construct the 2 Bcf/d interstate pipeline project to move natural gas out of the Permian Basin.