Commodities Analysis by Investing.com (Barani Krishnan) covering: Chevron Corp, Natural Gas Futures, Chevron, Chevron Corp DRC. Read Investing.com (Barani Krishnan)'s latest article on Investing.com
Below-normal 80-bcf storage build forecast for last week due to higher consumptionMost commentators will tell you it’s a different gas market today than the one that was wallowing at mid-$2 for months — after an unbelievably warm winter for 2022/23, followed by all-time highs in daily production and a summer that despite seeing record heat on many days did not translate to runaway demand for LNG, or liquefied natural gas.
“But value-seeking buyers are also likely to surface at that point, resuming the uptrend that could see us $3.34. If that goes without too much trouble, then the next leg higher would be the 200-week SMA, or Simple Moving Average, of $3.78.” Gas futures on the Henry Hub did find fresh footing early Wednesday, rising 8.0 cents in morning trading, before reversing to close lower as output hovered at around 102.5 billion cubic feet per day and near record levels of above 103 bcf/d reached earlier in the week, as per Bloomberg estimates. Maintenance work in the Permian Basin, the engine of recent volume gains, triggered the modest downward production revision.
NatGasWeather said much of the country would warm to near or above-normal high temperatures between Wednesday and Saturday, creating mild conditions and dampening demand.
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