|Day's Range||2.62 - 2.62|
Australia no longer faces a looming gas shortage, thanks to government pressure on exporters to divert the commodity into local markets and a reduced demand forecast for gas-fired power, according to estimates from the nation's energy market operator. "No supply gaps are forecast before 2030 under expected market conditions," the Australian Energy Market Operator (AEMO) said on Friday in its annual outlook for gas.
Check out the companies making headlines after the bell: Shares of Red Hat RHT plummeted more than 11 percent in extended-hours trading, after the company reported better than expected first quarter earnings and revenue , but reported weak guidance.
Asian LNG (liquefied natural gas) spot prices have seen strong upward momentum in recent weeks. The contract for July delivery gained $1.80 per MMBtu (million British thermal units) last week to reach $11.60 per MMBtu. This rise is due to strong demand from China, outages at a few export plants, and large tender buying—especially from emerging and developing countries. Pakistan recently announced a tender of six LNG trains for July and August delivery.
Oil and gas drilling gives off far more of the powerful greenhouse gas methane than the U.S. government estimates as leaky wells go unnoticed by federal regulators, scientists said on Thursday. Methane, the main component of natural gas, is colorless and odorless. The amount of methane leaked from U.S. oil and gas wells and related infrastructure in 2015 equaled about 2.3 percent of the country's overall natural gas output, a study led by the Environmental Defense Fund advocacy group said.
Natural gas prices whipsawed but eventually moved higher as a larger than expected build in natural gas inventories was offset by warmer than normal weather which is forecast to cover most of the United States over the next 8-14 days. Prices surged higher testing resistance near the June highs at 3.05. Momentum on natural gas is neutral as the MACD (moving average convergence divergence) histogram is printing near the zero index level with a flat trajectory which reflects consolidation. Working gas in storage was 2,004 Bcf as of Friday, June 15, 2018, according to EIA estimates.
On June 13–20, our list of natural gas–weighted stocks rose 2.1%, while natural gas July futures were unchanged. On average, natural gas–weighted stocks outperformed natural gas futures in the trailing week.
Investing.com - Oil prices traded lower in midmorning trade on Thursday, though the barrel of West Texas was hovering near the unchanged mark, as Iran backed down from complete opposition to an increase in output, paving the way to a possible agreement between the Organization of Petroleum Exporting Countries (OPEC).
Egypt's sharp cutting of fuel subsidies last week, part of an IMF-backed economic reform programme, is a gamble that Cairo hopes will stabilise the economy and attract private investment, ultimately raising living standards. Some economists worry that recent austerity measures, which have angered Egyptians, could also spark unexpectedly high inflation, that would crimp consumption, put off a quick recovery and deter potential investors. Egypt, halfway through the three-year IMF programme, had raised electricity prices by an average of 26 percent only four days earlier.
Investing.com - Natural gas futures stayed higher on Thursday, but came off the best levels of the session after data showed that supplies in storage rose more than forecast last week.
LONDON (Reuters) - ** BP Shipping on Thursday notified the liquefied natural gas (LNG) market of its interest in leasing the British Ruby or its sister vessel for a minimum of nine months from Dec-Q1 2019, ...
On June 20, natural gas July futures rose 2.2% and closed at $2.96 per MMBtu (million British thermal units). Warmer weather forecasts lifted natural gas prices on the same day. In the trailing week, natural gas July futures were unchanged.
On June 20, US crude oil August futures rose 1.2% and closed at $65.71 per barrel due to bullish inventory data. On June 13–20, US crude oil August futures fell 1.2%. On June 22, OPEC members are scheduled to meet to decide the fate of the production cut deal—a crucial factor for oil prices.
On June 20, the EIA (U.S. Energy Information Administration) released its weekly crude oil inventory report. The EIA reported that US crude oil inventories decreased by 5.9 MMbbls (million barrels) to 426.5 MMbbls on June 8–15. The inventories decreased by 82.6 MMbbls or 16.2% YoY (year-over-year). A Bloomberg survey estimated that US crude oil inventories could have dropped by 2.5 MMbbls on June 8–15.
On June 20, the EIA (U.S. Energy Information Administration) released its weekly gasoline inventory data. The EIA reported that US gasoline inventories increased by 3.3 MMbbls (million barrels) to 240 MMbbls on June 8–15. However, the inventories fell by 1.8 MMbbls or 0.1% YoY (year-over-year).
The S&P 500 Index rose ~0.2% to 2,767.32 on June 20. The rise in the communication services and real estate sectors supported the S&P 500 on the same day. NASDAQ hit a record high on June 20. Eight of the 11 major sectors in the S&P 500 rose on June 20.
The Zacks Analyst Blog Highlights: Phillips 66, Marathon Petroleum, Oasis Petroleum, Whiting Petroleum and Continental Resources
On June 19, natural gas July futures closed at a premium of ~$0.24 to July 2019 futures. The difference is called the “futures spread.” On June 12, the futures spread was at a premium of ~$0.27. On June 12–19, natural gas July futures fell 1.3%.
The European Commission on Thursday said it had opened an investigation into the free flow of gas sold by Qatar Petroleum in Europe. The investigation will focus on whether agreements on the sale of liquefied natural gas (LNG) to European companies have restricted the free flow of gas in the European Economic Area. "Such clauses may harm competition and prevent consumers from enjoying the benefits of an integrated European energy market," EU Competition Commissioner Margrethe Vestager said in a statement.
Look for volatility with the release of the EIA report at 1430 GMT. Watch for an upside bias to develop on a sustained move over $2.985 and for a downside bias to develop on a sustained move under 2.967.
Disney is offering more than $71 billion for Fox's entertainment businesses in a counterbid to Comcast's nearly $66 billion offer. The battle for Twenty-First Century Fox reflects a new imperative among entertainment and telecommunications firms, which are amassing ever more programming to better compete with technology companies such as Amazon and Netflix for viewers' attention — and dollars. The deal includes Fox movie and TV studios, some cable networks and international assets.
In the week ending June 8, natural gas inventories rose by 96 Bcf (billion cubic feet) to 1,913 Bcf—based on the EIA’s (U.S. Energy Information Administration) data announced on June 14. The addition was 8 Bcf more than the expectations in a survey by S&P Global Platts. On June 14, natural gas July futures rose 0.1%.
On June 19, natural gas July futures fell 1.7% and settled at $2.9 per MMBtu (million British thermal units). On the same day, Southwestern Energy (SWN), Cabot Oil & Gas (COG), and Chesapeake Energy (CHK) rose 0.2%, 1%, and 1.1%, respectively. These three stocks were the underperformers on our list of natural gas–weighted stocks. All of the natural gas–weighted stocks on our list rose despite the fall in natural gas prices.
On June 19, the API (American Petroleum Institute) released its weekly crude oil inventory report. The API reported that US crude oil inventories fell by 3 MMbbls (million barrels) on June 8–15. A Bloomberg survey estimates that US oil inventories could have declined by 2.5 MMbbls during the same period. The survey also estimates that Cushing crude oil inventories could have declined by 0.5 MMbbls on June 8–15. The EIA is scheduled to release its inventory data on June 20.