Natural gas prices fall to 25-month low as key Texas LNG facility looks to restart exports
Natural gas prices were lower on Monday amid forecasts for mild winter weather and a report that a Freeport...
Natural gas prices were lower on Monday amid forecasts for mild winter weather and a report that a Freeport LNG export hub in Texas asked federal regulators for permission to resume operations.
Prices dropped as much as 5% then pared losses to trade down 3.3% at $2.43 per million British thermal units, nearing the lowest level since December 2020.
The Freeport facility, the second-biggest US LNG export plant, isn't expected to fully resume operations for months, according to regulators and analysts cited by Reuters. And the Monday filing with the US Federal Energy Regulatory Commission only laid out a so-called Phase 1 for a plan to resume commercial activities.
Benchmark U.S. crude oil for March delivery rose 42 cents to $80.14 a barrel Monday. Brent crudefor April delivery rose 22 cents to $86.61 a barrel.
Wholesale gasolinefor March delivery rose 3 cents to $2.53 a gallon. March heating oilrose 5 cents to $2.91 a gallon. March natural gasfell 11 cents to $2.40 per 1,000 cubic feet.
Dow ends up about 377 points ahead of inflation data Tuesday
U.S. stocks ended sharply higher Monday, rallying a day ahead of the latest consumer-price index...
U.S. stocks ended sharply higher Monday, rallying a day ahead of the latest consumer-price index reading, one of the most market-moving pieces of data of the past year.
The Dow Jones Industrial Average DJIA, +1.11% rose 376.66 points, or 1.1%, to close at 34,245.93.
The S&P 500 SPX, +1.14% rose 46.83 points, or 1.1%, to end at 4,137.29.
The Nasdaq Composite COMP, 1.48% finished with a gain of 173.66 points, or 1.5%, at 11,891.78.
Stocks fell last week as traders noted a tick up in bond yields that suggested the U.S. central bank may have to increase borrowing costs by more than recently thought. The focus for the early part of this week is on the Tuesday morning release of the January consumer-price index.
Oregon’s Eugene Council Bans Natural Gas Hookups in New Residences
After more than two years of debate, the Eugene City Council...
After more than two years of debate, the Eugene City Council voted last week to ban natural gas hookups in new residential construction, becoming the first city in Oregon to prohibit new homes from using gas furnaces, water heaters, or appliances.
During a closed meeting, the council first decided to deny a request by opponents to put the issue on the May ballot. According to DHM Research, 70 percent of those surveyed oppose the ban.
The council then voted 5-3 in favor, citing concerns about climate change, and public health, and saying the ban would reduce carbon emissions, and eliminate the air quality hazards of gas stoves.
WTI and Brent crude oil are trading up slightly as traders are concerned over short-term demand ahead of key U.S. inflation data which will provide more color on the Fed’s monetary policy. Following supply concerns caused last week, a cargo of Azeri crude set sail from Turkey's Ceyhan port on Monday, the first since a devastating earthquake hit the region on Feb. 6. Russia’s surprise announcement of their production cut in response to Western sanctions, continues to lend support to oil futures. According to Deputy Prime Minister Alexander Novak, Russia plans to sell more than 80% of its oil exports to what it calls "friendly" countries in 2023
Natural gas futures are down this morningas warmer-than-normal weather lowers heating demand in key consuming regions. The amount of natural gas flowing from pipelines to Freeport LNG's export plant in Texas was on track to jump this morning to its highest since the facility shut in a fire in June 2022, a sure sign the plant started liquefying gas again.
