Weekly Natural Gas Prices Advance as Temperatures Drop and Heating Demand Mounts
In a stretch of trading defined by a barrage of chilly weather systems, weekly cash prices consistently gained ground amid steady heating demand across much of the Lower 48.
NGI’s Weekly Spot Gas National Avg. for the April 12-16 period climbed 24.5 cents to $2.495, with cash prices advancing four of the trading week’s five days.
The May Nymex natural gas futures contract, meanwhile, also forged ahead and settled at $2.680/MMBtu to close the trading week, up 6% from the prior week’s finish. Futures finished up at the close of four of the week’s five trading sessions as well.
With Spring Chill and Export Momentum, May Natural Gas Futures Close Week on High Note
Natural gas futures forged higher on Friday, marking the fourth time during the week the prompt month finished in the green. Robust liquefied natural gas (LNG) volumes, coupled with seasonally strong weather-driven demand, fueled the rally.
The May Nymex contract settled at $2.680/MMBtu Friday, up 2.2 cents day/day. June advanced 2.4 cents to $2.754.
NGI’s Spot Gas National Avg. slipped 2.0 cents to $2.545, marking its first decline in an otherwise strong week for cash prices.
LNG feed gas volumes hovered close to 2021 highs and above 11 Bcf on Friday, NGI data showed, as export destinations in Asia and Europe continued to buy up U.S. supplies of the super-chilled fuel. Pipeline exports to Mexico also held strong, hanging near 7 Bcf.
Increased retail fuel prices and fears of a COVID-19 resurgence have prompted refiners in India to slow crude runs. This week’s tracker also looks at the impact of maintenance on US LNG terminal utilization and possible reductions in biodiesel blending mandates in some countries due to rising vegetable oil prices. 1. Rising retail prices, COVID-19 .
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Cheniere Energy Partners, L.P. (“Cheniere Partners”) (NYSE American: CQP) today declared (i) a cash distribution of $0.655 ($2.62 annualized) per common unit to unitholders of record as of February 8, 2021, and (ii) the related distribution to its general partner. These distributions are payable on February 12, 2021.
This press release serves as qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that 100 percent of Cheniere Partners’ distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Cheniere Partners’ distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate. Nominees are treated as withholding agents responsible for withholding distributions received by them on behalf