AGL 40.02 Increased By ▲ 0.02 (0.05%)
AIRLINK 127.35 Increased By ▲ 0.31 (0.24%)
BOP 6.62 Decreased By ▼ -0.05 (-0.75%)
CNERGY 4.50 Decreased By ▼ -0.01 (-0.22%)
DCL 8.70 Increased By ▲ 0.15 (1.75%)
DFML 41.80 Increased By ▲ 0.36 (0.87%)
DGKC 87.70 Increased By ▲ 0.85 (0.98%)
FCCL 32.65 Increased By ▲ 0.37 (1.15%)
FFBL 65.01 Increased By ▲ 0.21 (0.32%)
FFL 10.25 No Change ▼ 0.00 (0%)
HUBC 109.55 Decreased By ▼ -0.02 (-0.02%)
HUMNL 14.74 Increased By ▲ 0.06 (0.41%)
KEL 5.09 Increased By ▲ 0.04 (0.79%)
KOSM 7.59 Increased By ▲ 0.13 (1.74%)
MLCF 41.30 Decreased By ▼ -0.08 (-0.19%)
NBP 59.70 Decreased By ▼ -0.71 (-1.18%)
OGDC 193.80 Increased By ▲ 3.70 (1.95%)
PAEL 28.25 Increased By ▲ 0.42 (1.51%)
PIBTL 7.78 Decreased By ▼ -0.05 (-0.64%)
PPL 151.75 Increased By ▲ 1.69 (1.13%)
PRL 26.34 Decreased By ▼ -0.54 (-2.01%)
PTC 16.16 Increased By ▲ 0.09 (0.56%)
SEARL 84.05 Decreased By ▼ -1.95 (-2.27%)
TELE 7.75 Increased By ▲ 0.04 (0.52%)
TOMCL 35.40 Decreased By ▼ -0.01 (-0.03%)
TPLP 8.15 Increased By ▲ 0.03 (0.37%)
TREET 16.05 Decreased By ▼ -0.36 (-2.19%)
TRG 52.74 Decreased By ▼ -0.55 (-1.03%)
UNITY 26.37 Increased By ▲ 0.21 (0.8%)
WTL 1.25 Decreased By ▼ -0.01 (-0.79%)
BR100 9,953 Increased By 69.4 (0.7%)
BR30 30,908 Increased By 307.7 (1.01%)
KSE100 93,812 Increased By 456.3 (0.49%)
KSE30 29,062 Increased By 130.9 (0.45%)

NEW YORK: US natural gas futures fell over 4% on Tuesday from a near 21-month high over the past few days on forecasts for milder weather and lower heating demand in mid November and a steady rise in output.

That price drop came despite an increase in liquefied natural gas (LNG) exports to a record high.

Front-month gas futures fell 14.5 cents, or 4.5%, to $3.099 per million British thermal units at 9:35 a.m. EST (1435 GMT). The contract closed at its highest since January 2019 on Friday and remained near that level on Monday.

The premium of gas futures for March over April 2021, meanwhile, dropped to a record low. Traders use the March-April spread, known as the widow maker, to bet on changes in winter weather.

Data provider Refinitiv said output in the Lower 48 US states rose to a seven-week high of 90.0 billion cubic feet per day (bcfd) on Monday, up 4.6 bcfd since Hurricane Zeta hit the Gulf Coast on Wednesday as energy firms restored output from Gulf of Mexico wells shut ahead of the storm.

Output averaged 89.3 bcfd so far in November, up from a five-month low of 87.4 bcfd in October. That, however, is still well below the all-time high of 95.4 bcfd in November 2019.—Reuters

Comments

Comments are closed.