U.S. natural gas prices (NG1: COM) rose to their highest level since Feb. 2, according to + 5.9% at $ 5,187 / MMBtu, raised by forecasts for freezing temperatures in major cities like New York City, which is expected to see lows in the 20s and 30s starting this weekend and many days.
The weather will have to agree on the need for global warming to stay healthy for the next week.
ETFs: NYSEARCA: UNGUGAZF, DGAZ, BOIL, FCG, KOLD, UNL
High natural gas prices also include global demand for gas to replace Russia’s fuel after the invasion of Ukraine kept U.S. liquefied natural gas exports near record highs and European gas prices are more than 6x higher than US futures.
Russia contributes 30% -40% of Europe’s gas, an average of 18.3B cf / day in 2021, but the US has already produced LNG at almost full capacity and is unable to emit. at higher levels of wood.
Despite the pleasant weather in the U.S. next week, meteorologists expect it to be easier than usual at least as early as the beginning of April, should the heat demand continue to reach its peak. equipment will begin incorporating gas into storage this week.
Cheniere Energy now says it has bought through the 2040s of the project planned from the latest trains at its Sabine Pass and Corpus Christi operations.