Natural Gas prices are grinding higher again in a choppy week with several positive and negative headlines guiding gas prices. The biggest headline on
Thursday is Pakistan hitting gas markets in search of LNG as its domestic gas production dwindles. If this trend persists, Pakistan’s demand could triple in five years.
China is set to launch new LNG Futures contracts later this year. The proposed sizes per contract will be 20 tons and limits are in place with a maximum of 8% fluctuations from the previous day’s settlement. China is seeking more influence in the gas market by setting Asian gas prices. Awaiting the breakout of the triangle, $3 remains a key level that needs to be broken. Seeing the current equilibrium, a catalyst is needed to move the needle upwards. Gas prices could rally to $3.25 in the bullish triangle breakout, testing the upper band of the ascending trend channel.
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Natural Gas Price Analysis: XNG/USD sticks to modest intraday gains, remains below $3.0000Natural Gas price edges higher during the Asian session on Thursday and reverses a part of the previous day's heavy losses, though the intraday uptick
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ACCC predicts east coast gas surplus in 2024The Australian Competition and Consumer Commission (ACCC) has revealed that Australia’s east coast gas market should have a 1.4 petajoule (PJ) surplus in the first quarter of 2024, even if the liquefied natural gas (LNG) producers export all their uncontracted gas. In its interim gas inquiry report, the ACCC forecasts the supply and demand balance for the east coast market for wholesale gas between January and March next year, which is a period of high LNG export demand and reduced residential gas heating demand due to warmer weather.
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Natural Gas Futures: A near-term correction emerges on the horizonConsidering advanced prints from CME Group for natural gas futures markets, open interest shrank for the second session in a row on Tuesday, this time
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Natural Gas Futures: Extra losses in the pipelineConsidering advanced readings from CME Group for natural gas futures markets, open interest went up by around 5.1K contracts after two consecutive dai
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| Pro-fracking public comments in Ohio stem from 'misleading' adsThe Facebook ads are from an organization with alleged ties to the natural gas industry.
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South32 secures more gas for CanningtonDiversified miner South32 has secured gas for its Cannington base metals operation, in Queensland, extending gas supply agreements with ASX-listed Central Petroleum and New Zealand Oil and Gas. New Zealand Oil & Gas on Thursday announced that it would extend its current gas supply agreement with Cannington by another 12 months from the Mareenie joint venture (JV), which also includes Macquarie Mareenie, Central Petroleum and Cue Mareenie.
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