Slow day for natural gas futures as weather models maintain generally bearish forecastComing week could see stronger demand in Midwest, EastCash prices
Low Spring Demand Takes Toll on Weekly Natural Gas Prices; Futures Quiet Too, but Stronger Pricing Looms
Picture-perfect weather across the country sank spot gas prices for the April 5-9 week, with markets on the East Coast leading the way with the steepest losses in the Lower 48. NGI’s Weekly Spot Gas National Avg. ultimately fell 15.0 cents week/week to average $2.250.
Nymex futures were far less volatile, aside from the start of the week, when the May contract sunk to a year-to-date low after a major warm revision in the April forecast.
Driven by mild temperatures in the 50s to 70s across the northern United States, Northeast markets posted substantial decreases week/week. The result was sub-$2.000 pricing even in some of the highest-priced markets.
Momentum Proves Elusive for April Natural Gas Futures
Forecasts called for light heating demand
LNG feed gas volumes tampered off
Analysts anticipate a light storage withdrawal
Natural gas futures on Tuesday finished in the red for a fifth consecutive session, as traders mulled forecasts for light heating demand, a leveling off of liquefied natural gas (LNG) levels and early expectations for a light storage withdrawal.
The April Nymex contract declined two-tenths of a cent day/day and settled at $2.662/MMBtu. May declined by an equal amount and closed at $2.696.
NGI’s Spot Gas National Avg. shed 3.0 cents to $2.470.
LNG feed gas volumes topped 11 Bcf at the close of trading last week, NGI data showed, hovering near record levels and representing what market participants thought was a full recovery from the disruptions caused by the Texas freeze in mid-February. However, over the weekend and into Monday and Tuesday, LNG levels dipped below 11 Bcf, and on Wednesday, they decli
April Natural Gas Futures Languish as LNG Eases and Mild Weather Spreads
Natural gas futures on Tuesday finished in the red for a fifth consecutive session, as traders mulled forecasts for light heating demand, a leveling off of liquefied natural gas (LNG) levels and early expectations for a light storage withdrawal.
The April Nymex contract declined two-tenths of a cent day/day and settled at $2.662/MMBtu. May declined by an equal amount and closed at $2.696.
NGI’s Spot Gas National Avg. shed 3.0 cents to $2.470.
LNG feed gas volumes topped 11 Bcf at the close of trading last week, NGI data showed, hovering near record levels and representing what market participants thought was a full recovery from the disruptions caused by the Texas freeze in mid-February. However, over the weekend and into Monday and Tuesday, LNG levels dipped below 11 Bcf, and on Wednesday, they declined to 9.83 Bcf during the trading session.
Government seeks to throw out COVID-19 lockdown class actions
Normal text size
Advertisement
The government will seek to have two major COVID-19 class actions that could cost it billions of dollars thrown out by the Supreme Court.
The actions, brought on behalf of businesses and workers, claim the government’s mishandling of Victoria’s hotel quarantine program led to the imposition of restrictions that devastated businesses and led to widespread job losses.
Premier Daniel Andrews enacted the lockdown now the subject of a class action.
Credit:Eddie Jim
Lawyers acting for the government confirmed on Monday they intend to file two summary dismissal applications in the coming months asking Supreme Court judge John Dixon to strike out the cases.