The natural gas storage report from the EIA for the week ending February 12th indicated that the amount of natural gas held in underground storage in the US fell by 237 billion cubic feet to 2,281 billion cubic feet by the end of the week, which left our gas supplies 105 billion cubic feet, or 4.4% below the 2,386 billion cubic feet that were in storage on February 12th of last year, but 57 billion cubic feet, or 2.6% above the five-year average of 2,224 billion cubic feet of natural gas that have been in storage as of the 12th of February in recent years..the 237 billion cubic feet that were drawn out of US natural gas storage this week was less than the average forecast of a 251 billion cubic foot withdrawal from an S&P Global Platts survey of analysts, but much more than the 141 billion cubic foot withdrawal from natural gas storage seen during the corresponding week of a year earlier, as well as the average withdrawal of 142 billion cubic feet of natural gas that have typically b
Texas Blackout Boosts Australian Bank by Up to $215 Million — Update
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FERC Examining Possible Natural Gas, Power Market Manipulation Amid Texas Freeze
FERC said Monday it is looking into whether participants in the Texas wholesale natural gas and electricity markets engaged in market manipulation or other violations during the cold snap that upended energy markets last week.
If any potential wrongdoing can be addressed under the Federal Energy Regulatory Commission’s statutory authority, commissioners “will pursue those matters as nonpublic investigations,” it said.
The frigid temperatures caused extended power outages that affected more than four million customers in Texas as electricity demand peaked at levels normally seen only in summer.
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Scarcity of natural gas amid surging demand and plunging production because of wellhead freeze-offs across the South Central region knocked offline up to 31 GW of gas-fired generation capacity in Texas during the cold spell, according to the International Energy Agency. Nuclear, coal and renewable gene
by Bloomberg
|Monday, February 22, 2021
Spot natural gas price spikes were triggering truly outsized demands.
(Bloomberg) The urgent phone calls came over the holiday weekend: traders of natural gas needed more money, and fast.
Temperatures were starting to plummet across the central U.S. Prices for the heating fuel had skyrocketed 300-fold to levels nobody had thought possible. This would later prove to be the precursor of one of the worst energy crises the nation had seen, plunging millions into darkness for days amid a deadly deep freeze.
But on Saturday, traders in the relatively small and obscure world that is the physical gas market were singularly focused on one very big problem: exchanges were demanding more collateral because of the volatility. The traders had until Tuesday to come up with the cash or else they’d be forced to exit their positions and, in some cases, face potentially catastrophic losses.
Pimco Gets Burned as Just Energy Craters After Texas Loss
Bloomberg 2/22/2021 Simon Casey and Paula Sambo © Photographer: Matthew Busch/Bloomberg Pumpjacks operate in the snow in the Permian Basin in Midland, Texas, U.S, on Saturday, Feb. 13, 2021.
(Bloomberg) Canadian energy retailer Just Energy Group Inc. revealed a big loss from the Texas crisis and said it may have trouble continuing as a going concern after last week’s freezing weather cost it about $250 million.
Just Energy plunged 31% to $3.96 in New York. The decline hit big-name investors including Pacific Investment Management Co., the largest shareholder with a 28.9% stake acquired during a recapitalization last year. Great Pacific Capital Corp., an investment company controlled by Vancouver billionaire Jim Pattison, owns 1.5%, according to data compiled by Bloomberg.
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