Natural Gas Prices Near One-Month High on Steady Demand

Date : 05/13/2019 @ 3:40PM
Source : Dow Jones News
Stock : Occidental Petroleum Corporation (OXY)
Quote : 40.33  0.0 (0.00%) @ 11:09AM

Natural Gas Prices Near One-Month High on Steady Demand

Anadarko Petroleum (NYSE:APC)
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By Dan Molinski

 

--Natural-gas prices rose toward a one-month high Monday as continued cool temperatures in some parts of the country keep gas demand relatively healthy.

 

--Natural gas for June delivery was recently 1% higher at $2.65 million British thermal units on the New York Mercantile Exchange, putting prices on track for their highest close since April 12, when the market closed at $2.6600/mmBtu.

 

HIGHLIGHTS

 

Weather: Natural gas prices have risen three straight weeks and three of the past four sessions, and continued that upward move early Monday in New York as weather patterns were creating some pockets of unseasonably steady demand.

"A weather system with showers and cooling will sweep across the Ohio Valley and Northeast the new several days with lows of 30s and 40s for a little stronger demand," NatGasWeather.com said. "Overall, demand will be moderate today, then easing to low the rest of the week."

 

Storage: The Energy Information Administration reported last week that gas inventories rose by 85 billion cubic feet in the week ended May 3, which was a bit more than normal for that time of year, but less than the previous week's 123-bcf rise.

"Cool weather over most of the rest of the country could result in some light heating related Nat Gas demand," said Dominick Chirichella, director of market insights at DTN. "The above said, I still expect the weekly nat gas injections to be slightly above normal for this time of the year."

 

INSIGHTS

 

Anadarko: Anadarko Petroleum Corp. (APC) said Monday that one of its subsidiaries in Mozambique has signed a long-term deal to provide liquefied natural gas to Japan's JERA Co., Inc and Taiwan's CPC Corp.

"The sale and purchase agreement calls for the delivered ex-ship supply of 1.6 million tonnes per annum (MTPA) for a base term of 17 years," Anadarko said in a statement. "Mozambique LNG's portfolio of long-term sales now includes four of the top five LNG importing markets in the world." Anadarko agreed last week to be bought by Occidental Petroleum Corp. (OXY) for $38 billion.

 

AHEAD

--The EIA will release its weekly report on gas inventories on Thursday at 10:30 a.m. ET.

 

Write to Dan Molinski at dan.molinski@wsj.com

 

(END) Dow Jones Newswires

May 13, 2019 10:25 ET (14:25 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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