Latest news with #Nymex
Yahoo
a day ago
- Business
- Yahoo
Nat-Gas Prices Fall on Forecasts for Cooler US Temps
July Nymex natural gas (NGN25) on Friday closed down by -0.142 (-3.56%). July nat-gas prices on Friday retreated from a 2-1/2 month nearest-futures high and settled sharply lower. Long liquidation pressures pushed nat-gas prices lower on Friday, as forecasts for US weather to return to normal from excessive heat starting next month could potentially curb nat-gas demand from electricity providers to run air conditioning. The Commodity Weather Group on Friday said mostly normal temperatures are expected across the eastern two-thirds of the US for June 30-July 4. SoftBank's Masayoshi Son Unveils $1 Trillion AI Hub Proposal for U.S. to Rival China Is a Summer Rally on the Horizon in the U.S. Natural Gas Futures Market? Crude Prices Pressured on Reduced Concern About an Imminent US Strike on Iran Stop Missing Market Moves: Get the FREE Barchart Brief – your midday dose of stock movers, trending sectors, and actionable trade ideas, delivered right to your inbox. Sign Up Now! Geopolitical risks from the Israel-Iran war are supportive for nat-gas prices on concern that any attempt by Iran to close the Strait of Hormuz could disrupt LNG shipments through that Strait, which accounts for about 20% of global LNG trade. Lower-48 state dry gas production Friday was 106.7 bcf/day (+3.3% y/y), according to BNEF. Lower-48 state gas demand on Friday was 69.8 bcf/day (-11.3% y/y), according to BNEF. LNG net flows to US LNG export terminals Friday were 13.8 bcf/day (+0.3% w/w), according to BNEF. An increase in US electricity output is positive for nat-gas demand from utility providers. The Edison Electric Institute reported Wednesday that total US (lower-48) electricity output in the week ended June 14 rose +0.8% y/y to 85,329 GWh (gigawatt hours), and US electricity output in the 52-week period ending June 14 rose +2.9% y/y to 4,246,808 GWh. Wednesday's weekly EIA report was mixed for nat-gas prices since nat-gas inventories for the week ended June 13 rose +95 bcf, below expectations of +97 bcf but well above the 5-year average build for this time of year of +72 bcf. As of June 13, nat-gas inventories were down -8.0% y/y and +6.1% above their 5-year seasonal average, signaling adequate nat-gas supplies. In Europe, gas storage was 54% full as of June 16, versus the 5-year seasonal average of 64% full for this time of year. Baker Hughes reported on Friday that the number of active US nat-gas drilling rigs in the week ending June 20 fell by -2 to 111 rigs, slightly below the 15-month high of 114 rigs from June 6. In the past nine months, gas rigs have risen from the 4-year low of 94 rigs posted in September 2024. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
- Yahoo
Hot US Temps and Middle East Tensions Boost Nat-Gas Prices
July Nymex natural gas (NGN25) on Tuesday closed up by +0.103 (+2.75%). July nat-gas prices on Tuesday rallied sharply for a third session and posted a 2-1/4 month nearest-futures high. Nat-gas prices rallied on expectations for hot weather in the US, which will boost nat-gas demand from electricity providers to run air-conditioning. The Commodity Weather Group said Tuesday that forecasts shifted hotter for much of the eastern half of the US for June 22-26. Solar Stocks Are Plunging on Trump's Tax Bill. Should You Buy the Dip? Can Brent Crude Take Out $75 as Iran-Israel Conflict Drives Global Oil Prices? Crude Prices Climb as Prospects Dim for an Early End to Israel-Iran War Stop Missing Market Moves: Get the FREE Barchart Brief – your midday dose of stock movers, trending sectors, and actionable trade ideas, delivered right to your inbox. Sign Up Now! Nat-gas prices also had carryover support from a rally in European natural gas prices Tuesday to a 2-1/2 month high. European gas rallied on supply concerns after Israel attacked Iran's South Pars gas field, forcing the halt of a production platform. Also, there is concern that any attempt by Iran to close the Strait of Hormuz could disrupt LNG shipments through that Strait, which accounts for about 20% of global LNG trade. In addition, Israel temporarily shut down its Leviathan gas field due to security concerns, which disrupted gas pipeline shipments to Egypt. Lower-48 state dry gas production Tuesday was 105.8 bcf/day (+2.3% y/y), according to BNEF. Lower-48 state gas demand on Tuesday was 75.1 bcf/day (-0.2% y/y), according to BNEF. LNG net flows to US LNG export terminals Tuesday were 13.4 bcf/day (-1.7% w/w), according to BNEF. A decline in US electricity output is negative for nat-gas demand from utility providers. The Edison Electric Institute reported last Wednesday that total US (lower-48) electricity output in the week ended June 7 fell -2.7% y/y to 82,114 GWh (gigawatt hours), although US electricity output in the 52-week period ending June 7 rose +3.0% y/y to 4,246,137 GWh. The consensus is that Wednesday's weekly EIA nat-gas inventories (move forward a day due to Thursday's Juneteenth holiday) will climb by +96 bcf. Last Thursday's weekly EIA report was bearish for nat-gas prices since nat-gas inventories for the week ended June 6 rose +109 bcf, above expectations of +108 bcf and well above the 5-year average build for this time of year of +87 bcf. As of June 6, nat-gas inventories were down -9.0% y/y and +5.4% above their 5-year seasonal average, signaling adequate nat-gas supplies. In Europe, gas storage was 52% full as of June 10, versus the 5-year seasonal average of 62% full for this time of year. Baker Hughes reported last Friday that the number of active US nat-gas drilling rigs in the week ending June 13 fell by -1 to 113, falling back from the previous week's 15-month high of 114 rigs. In the past nine months, gas rigs have risen from the 4-year low of 94 rigs posted in September 2024. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on
Yahoo
13-06-2025
- Business
- Yahoo
Oil prices surge after Israeli strike on Iran
Global oil prices soared on June 13 after Israel launched a strike on Iran, triggering fears of a broader conflict in the energy-rich Middle East that could disrupt global supplies, the BBC reported. The spike threatens to undermine Western efforts to choke off a vital revenue stream for Russia, which relies heavily on oil profits to sustain its war in Ukraine. According to the BBC, Brent and Nymex crude prices jumped by more than 10% following the Israeli attack, reaching their highest levels since January. Prices later stabilized but remained about 7.5% higher, with Brent at $74.50 a barrel and Nymex at $73.20. The price surge comes at a crucial time for Ukraine and its Western allies, who are intensifying efforts to minimize the Kremlin's oil revenues — the backbone of Russia's wartime economy. President Volodymyr Zelensky urged the European Union on June 11 to impose tougher sanctions on Russia, including a more aggressive price cap on oil exports. "A ceiling of $45 per barrel of oil is better than $60, that's clear," Zelensky said at the Ukraine-Southeast Europe Summit in Odesa. "But real peace will come with a ceiling of $30. That's the level that will really change the mindset in Moscow." The EU's current $60 per barrel cap, introduced in December 2022, prohibits Western companies from shipping, insuring, or servicing Russian oil sold above the threshold. While this measure has curtailed some of Russia's profits, the Kremlin continues to earn significant revenue, especially when market prices rise. European Commission President Ursula von der Leyen said on June 10 that the EU is considering lowering the cap to $45, a move that will be discussed at the G7 summit in Canada between June 15 and 17. According to Reuters, most G7 countries, excluding the U.S. and Japan, are prepared to proceed with the reduction regardless of Washington's stance. Israeli Prime Minister Benjamin Netanyahu said early on June 13 that Israeli forces had launched "Operation Rising Lion," a preemptive strike targeting Iran's nuclear program. In a televised address, Netanyahu claimed Israeli forces struck Iran's main nuclear enrichment site in Natanz and targeted key nuclear scientists. Read also: Key to Russia's defeat lies in its economy We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
Yahoo
13-06-2025
- Business
- Yahoo
Global oil prices soar after Israel attacks Iran
Global oil prices jumped after Israel said it had struck Iran, in a dramatic escalation of tensions in the Middle East. Benchmark oil contracts, Brent Crude and Nymex light sweet, were up by more than 10% after the news emerged. Traders are concerned that a conflict between Iran and Israel could disrupt supplies coming from the energy-rich region. The cost of crude oil affects everything from the price of food at the supermarket to how much it costs to fill up your car. Analysts have told the BBC that energy traders will now be watching to see whether Iran retaliates in the coming days. "It's an explosive situation, albeit one that could be defused quickly as we saw in April and October last year, when Israel and Iran struck each other directly," Vandana Hari of Vandana Insights told the BBC. "It could also spiral out into a bigger war that disrupts Mideast oil supply," she added. In an extreme scenario, Iran could disrupt supplies of millions of barrels of oil a day if it targets infrastructure or shipping in the Strait of Hormuz. The strait is one of the world's most important shipping routes, with about a fifth of the world's oil passing through it. At any one time, there are several dozen tankers on their way to the Strait of Hormuz, or leaving it, as major oil and gas producers in the Middle East and their customers transport energy from the region. Bounded to the north by Iran and to the south by Oman and the United Arab Emirates (UAE), the Strait of Hormuz connects the Gulf with the Arabian Sea. "What we see now is very initial risk-on reaction. But over the next day or two, the market will need to factor in where this could escalate to," Saul Kavonic, head of energy research at MST Financial said. Additional reporting by Katie Silver Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13-06-2025
- Business
- Yahoo
Global oil prices soar after Israel attacks Iran
Global oil prices jumped after Israel said it had struck Iran, in a dramatic escalation of tensions in the Middle East. Benchmark oil contracts, Brent Crude and Nymex light sweet, were up by more than 10% after the news emerged. Traders are concerned that a conflict between Iran and Israel could disrupt supplies coming from the energy-rich region. The cost of crude oil affects everything from the price of food at the supermarket to how much it costs to fill up your car. Analysts have told the BBC that energy traders will now be watching to see whether Iran retaliates in the coming days. "It's an explosive situation, albeit one that could be defused quickly as we saw in April and October last year, when Israel and Iran struck each other directly," Vandana Hari of Vandana Insights told the BBC. "It could also spiral out into a bigger war that disrupts Mideast oil supply," she added. In an extreme scenario, Iran could disrupt supplies of millions of barrels of oil a day if it targets infrastructure or shipping in the Strait of Hormuz. The strait is one of the world's most important shipping routes, with about a fifth of the world's oil passing through it. At any one time, there are several dozen tankers on their way to the Strait of Hormuz, or leaving it, as major oil and gas producers in the Middle East and their customers transport energy from the region. Bounded to the north by Iran and to the south by Oman and the United Arab Emirates (UAE), the Strait of Hormuz connects the Gulf with the Arabian Sea. "What we see now is very initial risk-on reaction. But over the next day or two, the market will need to factor in where this could escalate to," Saul Kavonic, head of energy research at MST Financial said. Additional reporting by Katie Silver Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
