December Nymex pure fuel (NGZ25) on Thursday closed up +0.141 (+3.70%).
Dec nat-gas costs on Thursday settled increased as US climate forecasts turned colder, probably boosting heating demand for nat-gas. Forecaster Atmospheric G2 mentioned Thursday that forecasts shifted cooler over the jap half of the nation for November 9-13. Thursday’s weekly EIA stock report confirmed provides rose as anticipated and was impartial for nat-gas costs.
US (lower-48) dry fuel manufacturing on Thursday was 107.1 bcf/day (+3.7% y/y), based on BNEF. Decrease-48 state fuel demand on Thursday was 79.2 bcf/day (+12.1% y/y), based on BNEF. Estimated LNG internet flows to US LNG export terminals on Thursday have been 16.7 bcf/day (-0.2% w/w), based on BNEF.
Increased US nat-gas manufacturing is a bearish issue for costs. On October 7, the EIA raised its forecast for 2025 US nat-gas manufacturing by +0.5% to 107.14 bcf/day from September’s estimate of 106.60 bcf/day. US nat-gas manufacturing is at the moment close to a document excessive, with energetic US nat-gas rigs lately posting a 2-year excessive.
As a supportive issue for fuel costs, the Edison Electrical Institute reported Wednesday that US (lower-48) electrical energy output within the week ended October 25 rose +1.9% y/y to 72,772 GWh (gigawatt hours), and US electrical energy output within the 52-week interval ending October 25 rose +2.9% y/y to 4,282,176 GWh.
Thursday’s weekly EIA report was impartial for nat-gas costs since nat-gas inventories for the week ended October 24 rose +74 bcf, proper available on the market consensus, however above the 5-year weekly common of +67 bcf. As of October 24, nat-gas inventories have been up +0.5% y/y and have been +4.6% above their 5-year seasonal common, signaling satisfactory nat-gas provides. As of October 28, fuel storage in Europe was 83% full, in comparison with the 5-year seasonal common of 92% full for this time of yr.
Baker Hughes reported final Friday that the variety of energetic US nat-gas drilling rigs within the week ending October 24 was unchanged at 121 rigs, slightly below the two.25-year excessive of 124 rigs posted on August 1. Previously yr, the variety of fuel rigs has risen from the 4.5-year low of 94 rigs reported in September 2024.
On the date of publication, Wealthy Asplund didn’t have (both instantly or not directly) positions in any of the securities talked about on this article. All info and knowledge on this article is solely for informational functions. This text was initially printed on Barchart.com