AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)

NEW YORK: US natural gas futures slipped 1% on Monday as forecasts for milder weather and lower heating demand overshadowed optimism around a potential COVID-19 vaccine.

Front-month gas futures fell 2.9 cents, or 1%, to settle at $2.859 per million British thermal units. The contract touched its lowest since Oct. 20 at $2.821 earlier in the session.

"Prices are easing from early session short-covering as mid-day weather models are running and they continue to forecast a warmer than normal short-term pattern, which is not supportive given current supply and storage levels," said Robert DiDona of Energy Ventures Analysis.

"For prices to recover, we need to see a colder weather pattern shift for late November," he added.

Data provider Refinitiv estimated 216 heating degree days (HDDs) over the next two weeks in the lower 48 US states, well below the 30-year average of 278. Refinitiv predicted demand, including exports, would fall to an average of 91.6 billion cubic feet per day (bcfd) this week from 98.1 bcfd in the prior week.

Gas production in the Lower 48 US states has averaged 88.8 billion cubic feet per day so far in November, up from a five-month low of 87.4 bcfd in October.

Earlier in the day, Pfizer Inc announced its experimental vaccine was more than 90% effective in preventing COVID-19 based on initial data from a large study, boosting market sentiment among investors.

Meanwhile, the amount of gas flowing to US LNG export plants hit a record 10.2 bcfd last week and was expected to remain near that level in coming weeks after a rise in global prices in recent months prompted buyers in Europe and Asia to purchase more US gas.

In the spot market, mild weather this week cut next-day gas prices at the Dominion South hub in southwest Pennsylvania and Transco Z6 in New York to their lowest since October 2017 and September 2016, respectively.

Comments

Comments are closed.