AIRLINK 218.25 Increased By ▲ 0.27 (0.12%)
BOP 10.81 Decreased By ▼ -0.12 (-1.1%)
CNERGY 7.50 Decreased By ▼ -0.05 (-0.66%)
FCCL 34.39 Decreased By ▼ -0.44 (-1.26%)
FFL 19.30 Decreased By ▼ -0.02 (-0.1%)
FLYNG 25.70 Increased By ▲ 0.55 (2.19%)
HUBC 130.25 Decreased By ▼ -0.84 (-0.64%)
HUMNL 14.29 Decreased By ▼ -0.27 (-1.85%)
KEL 5.23 Increased By ▲ 0.05 (0.97%)
KOSM 7.40 Increased By ▲ 0.04 (0.54%)
MLCF 45.95 Increased By ▲ 0.32 (0.7%)
OGDC 219.85 Decreased By ▼ -2.23 (-1%)
PACE 8.45 Increased By ▲ 0.29 (3.55%)
PAEL 44.44 Increased By ▲ 0.25 (0.57%)
PIAHCLA 17.80 Increased By ▲ 0.11 (0.62%)
PIBTL 9.05 Increased By ▲ 0.08 (0.89%)
POWERPS 12.51 Decreased By ▼ -0.50 (-3.84%)
PPL 193.46 Increased By ▲ 0.45 (0.23%)
PRL 41.20 Decreased By ▼ -1.97 (-4.56%)
PTC 26.64 Increased By ▲ 0.01 (0.04%)
SEARL 107.25 Increased By ▲ 0.17 (0.16%)
SILK 1.02 Decreased By ▼ -0.02 (-1.92%)
SSGC 45.75 Increased By ▲ 0.75 (1.67%)
SYM 21.20 Increased By ▲ 0.01 (0.05%)
TELE 10.33 Increased By ▲ 0.18 (1.77%)
TPLP 14.45 Decreased By ▼ -0.06 (-0.41%)
TRG 67.50 Increased By ▲ 0.22 (0.33%)
WAVESAPP 11.58 Increased By ▲ 0.29 (2.57%)
WTL 1.74 Increased By ▲ 0.04 (2.35%)
YOUW 4.29 Increased By ▲ 0.04 (0.94%)
BR100 12,436 Increased By 39.1 (0.32%)
BR30 37,430 Increased By 83.3 (0.22%)
KSE100 118,017 Increased By 430.1 (0.37%)
KSE30 37,186 Increased By 121.2 (0.33%)

NEW YORK: US natural gas futures retreated on Tuesday as traders booked profits, though the market recorded its biggest annual jump since 2021 fueled by an increase in gas flowing to liquefied natural gas (LNG) export plants on rising overseas demand.

Front-month gas futures for February delivery on the New York Mercantile Exchange settled 30.1 cents lower, or down 7.7%, at $3.633 per million British thermal units as of 02:42 p.m. EST, as traders took profits after prices surged on Monday to their highest since January 2023.

“Gas prices yesterday jumped up on the revised and colder January weather forecast during the weekend, and the decline now is, I believe, a correction from the sharp increases, the magnitude of which may not be fully justified by the prolific gas production in the last a few months,” said Zhen Zhu, managing consultant at C.H. Guernsey and Company in Oklahoma City.

Financial firm LSEG estimated 492 heating degree days over the next two weeks, compared with 499 estimated on Monday. It also forecast average gas demand in the Lower 48, including exports, jumping from 118.9 bcfd this week to 144.4 bcfd next week.

LSEG said average gas output in the Lower 48 US states rose to 103.3 bcfd so far in December, from 101.5 bcfd in November. That compares with a record 105.3 bcfd in December 2023.

“Gas prices still have room to head higher in the short to medium terms due to potentially substantial increase in demand in January and February and the possible wellhead freeze offs. No matter what happens, winter weather uncertainty will continue to bring volatilities to gas prices in the next couple of months especially in January,” Zhu added.

Comments

200 characters