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Mike Grimes
Member Since: 7/21/2011
  
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Mike Grimes   My Press Releases

Daily energy report

Published on 12/9/2017
For additional information  Click Here

Market- Natural gas traded lower this week as
natural gas production has been consistently at
near record levelsespecially from the Marcellus
and Utica shale fields. LNG exports are also at
record highs from the Sabine Pass liquefaction
terminal. Prices are stable to lower this morning
after the storage report was actually an injection;
a withdrawal was expected. Weather is turning
colder which could push prices higher later. Crude
oil, heating oil and propane are priced lower than
last week. Natural gas exports to Mexico will
continue to increase as new electric generation
there will come on line. Storage levels are lower
than last year and lower than the five year
average. Upward pressure on natural gas prices
results from exported LNG, pipeline exports to
Mexico, industrial use and gas burn for electric
generation. Rig counts for both traditional and
horizontal have increased over the last year but
newer technology production from fewer wells
shows continued ample supply of natural gas. The
US gas traditional rotary rig count increased 4 rigs
and horizontal drilling increased 6 rigs. Natural
gas is very attractive to fix for the long term.
The Crude oil price for January is lower this week
at $56.32 per barrel. Heating oil is lower at $1.87
per gal. Unleaded gasoline futures are lower at
$1.67 and gasoline at the pump is around $2.55 in
Indiana. The natural gas storage reportthis week
was a withdrawal of 33BCF; storage is 309BCF
lower than last year and 107BCF lower than the
5 year average.
 
text energychoice to 63975
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