Tom Nolan + 2,441 TN November 17, 2022 https://oilprice.com/Energy/Natural-Gas/Why-LNG-Spot-Prices-Dont-Reflect-Soaring-Demand.html Why LNG Spot Prices Don’t Reflect Soaring Demand By Alex Kimani - Nov 16, 2022, 7:00 PM CST LNG prices have continued to slide in recent days. Europe’s gas stores are currently more than 95% full. High inventories in Asia are also weighing on LNG prices. Join Our Community In the past and under normal circumstances, spot LNG has experienced peaks and troughs in demand and pricing mostly based on seasonal peaks for summer and winter in the main northern hemisphere markets of Europe and North Asia. However, the current LNG market has continued to defy these conventions, with the spot price softening considerably ahead of winter despite heightened demand. The price of JKM contracts ended at $27.23 per million British thermal units (mmBtu) on Monday, 61% lower from the record high of $69.96 per mmBtu reached on Aug. 25 when the markets feared Europe would be going into winter with insufficient supplies. Indeed, the current spot price is even lower than the $31.61 per mmBtu that prevailed at this time last year. There’s a method to the madness, though High Inventory Levels There are several factors as well as a constant interplay of individual pressures on market supply and demand that could explain this anomalous situation. First off, natural gas inventories in the leading markets in Europe and Asia are relatively high, with Europe’s gas stores currently more than 95% full. The EU had set a target to have its storage sites 80% full by Nov. 1, meaning the bloc is running ahead of schedule. Nevertheless, filling continues ahead of winter to avoid power rationing and industry shutdowns with deliveries from major supplier Russia down to a trickle. According to S&P Global, the tank-top situation is forcing LNG importers to ask suppliers to push delivery dates further out or delay shipments by extending waiting times for LNG carriers. The second factor is that expectations of a milder-than-expected winter might be limiting competition while availability of Russian LNG is easing market tightness. It's Interesting to note that whereas supplies of Russian pipeline gas are a small fraction of what they used to be, Europe has been hungrily scooping up Russian LNG. The Wall Street Journal has reported that the bloc’s imports of Russian liquefied natural gas jumped by 41% Y/Y in the year through August. “Russian LNG has been the dark horse of the sanctions regime,” Maria Shagina, research fellow at the London-based International Institute for Strategic Studies, has told WSJ. Importers of Russian LNG to Europe have argued that the shipments are not covered by current EU sanctions and that buying LNG from Russia and other suppliers has helped keep European energy prices in check. Russian LNG now makes up 8% of Europe’s imports. Higher Demand But it’s not all doom and gloom for the gas bulls. According to commodity analysts Kpler via Reuters, there are growing signs that LNG demand is ticking higher ahead of the winter season, with November imports in both Europe and Asia projected to rise. Related: Romania And Azerbaijan Aim To Build New LNG Project In Black Sea According to Kpler, Europe's imports are expected to reach 11.49 million tonnes in November, up from 10.13 million tonnes in October and not far from this year’s record high of 11.55 million tonnes recorded in January. The United States continues to supply the bulk of Europe's LNG, with exports of 4.66 million tonnes expected in November, up from 4.17 million in October. Europe has displaced Asia as the top destination for the U.S. LNG, and now receives 65% of total exports. The EU has pledged to reduce its consumption of Russian natural gas by nearly two-thirds before the year’s end while Lithuania, Latvia and Estonia have vowed to eliminate Russian gas imports outright. Nevertheless, Europe is expected to import another 1.32 million tonnes of LNG from Russia in November, up from 1.05 million in October. Meanwhile, Asia is on track to import 22.12 million tonnes of LNG in November, lower than the 22.55 million recorded for November 2021 but higher than October's 20.72 million. Kpler says that the LNG markets can also expect to see more activity from China. China’s LNG importers have been rather muted this year due to high prices that prevailed for much of the year. But with spot prices now low, Kpler says they are returning to the market and are projected to purchase 6.2 million tonnes of LNG in November, up from 4.9 million tonnes in October. The million-dollar question right now is whether growing demand will be enough to cure the malaise currently being witnessed in the gas markets. Unfortunately, at the moment, the outlook is not good for the bulls with U.S. nat. gas prices continuing their slide this week after Freeport LNG told customers that outages at its Texas terminal could be delayed further. Located in Freeport, Texas, the terminal--which accounts for 15% of all U.S. LNG exports--has been closed since June and was scheduled to reopen by mid-November. By Alex Kimani for Oilprice.com More Top Reads From Oilprice.com: Are Nickel Prices Poised For A Breakout? China Expands Its Footprint In Central Asia As Russian Influence Flounders EV Makers Cozy Up To Miners As Supplies Dwindle Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN November 17, 2022 Thursday morning 11/17/2022 After the EIA report US natural gas futures extended gains to above $6.3/MMBtu in the third week of November, well above the 4-month low of $5.5/MMBtu hit in late October as heating demand is set to rise this week due to colder weather. On the other hand, Freeport LNG export plant in Texas may not return to service this month as repair work and efforts to secure regulatory approvals are still ongoing, making more gas available for domestic use. Meanwhile, EIA data showed US utilities added 64 billion cubic feet (bcf) of gas to storage during the week ended November 11th, in line with expectations. That compares with an increase of 23 bcf in the same week last year and a five-year (2017-2021) average decline of 5 bcf. Stockpiles are close to the five-year average of 3.651 tcf for this time of the year. https://tradingeconomics.com/commodity/natural-gas Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN November 17, 2022 (edited) https://www.zerohedge.com/commodities/eu-natgas-drops-warmer-weather-stave-worst-energy-crisis EU NatGas Drops As Warmer Weather Staves Off Worst Of Energy Crisis by Tyler Durden Thursday, Nov 17, 2022 - 08:47 AM Europe could end winter with better-than-expected natural gas storage levels because of unseasonably warm weather across the energy-stricken continent in October and November. Traditionally the heating season should be well underway, but above-trend temperatures have allowed NatGas storage facilities to be near full without any significant draws. At one point this morning, front-month Dutch TTF futures slid as much as 10.2%, compounded with an 8.2% decline on Wednesday, following a new report from Maxar that forecasted above-normal temperatures in Scandinavia and southwest Europe next week. Northwest Europe is expected to see above-average temperatures through the end of the month. As well as South East Europe. Germany, the EU's largest economy and most addicted to NatGas, will also see above-average temperatures through the end of the month. France has the second-largest economy in the EU and will experience similar warmer weather patterns. "Traders are keeping a close eye on weather trends as Europe's gas storage is almost full, which should serve as a buffer for the winter," Bloomberg said. Seasonally, EU NatGas storage is well above a 12-year trend. But as we all know, it'll take one cold snap to boost heating demand which would mean inventories would start drawing down. Countries across Europe have been preparing for possible blackouts and energy rationing this winter. The energy crisis has yet to be resolved because no new supplies have been able to offset what was lost from Russia. EU countries have only been able to reduce energy consumption among households and businesses. Russian energy Gazprom PJSC warned last month that "whole towns and lands, god forbid, will freeze" if Europe is hit with one week or more of abnormally cold temperatures. ~~~~~~~~~~~~ https://oilprice.com/Latest-Energy-News/World-News/Natural-Gas-Prices-In-Europe-Drop-As-Storage-Units-Remain-Untouched.html Natural Gas Prices In Europe Drop As Storage Units Remain Untouched By ZeroHedge - Nov 17, 2022, 10:30 AM CST Europe could end winter with better-than-expected natural gas storage levels because of unseasonably warm weather across the energy-stricken continent in October and November. Traditionally the heating season should be well underway, but above-trend temperatures have allowed NatGas storage facilities to be near full without any significant draws. At one point this morning, front-month Dutch TTF futures slid as much as 10.2%, compounded with an 8.2% decline on Wednesday, following a new report from Maxar that forecasted above-normal temperatures in Scandinavia and southwest Europe next week. Edited November 17, 2022 by Tom Nolan Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN November 18, 2022 https://www.nasdaq.com/articles/osaka-gas-sees-likely-delay-to-restart-of-freeport-lng-plant Nov 17 REUTERS Osaka Gas sees likely delay to restart of Freeport LNG plant TOKYO, Nov 18 (Reuters) - It is highly possible that the restart of U.S. Freeport's LNG plant will be delayed beyond a scheduled date of mid-November, the president of Osaka Gas Co Ltd 9532.T said on Friday, adding that it had not restarted yet. Osaka Gas, which buys liquefied natural gas (LNG) from the project, understands construction work is on track but approvals from local authorities may be delayed, President Masataka Fujiwara told reporters, but gave no date for the restart. (Reporting by Yuka Obayashi; Editing by Clarence Fernandez) Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN November 18, 2022 PR NEWSWIRE https://www.prnewswire.com/news-releases/freeport-lng-provides-update-on-initial-restart-of-its-liquefaction-facility-301682984.html News provided by Freeport LNG Nov 18, 2022, 11:55 ET FREEPORT LNG PROVIDES UPDATE ON INITIAL RESTART OF ITS LIQUEFACTION FACILITY HOUSTON, Nov. 18, 2022 /PRNewswire/ -- Freeport LNG Development, L.P. (Freeport LNG) today provided an update on the ongoing reconstruction and resumption of operations at its natural gas liquefaction and LNG export facility. As of November 14th, the reconstruction work necessary to commence initial operations, including utilization of all three liquefaction trains, two LNG storage tanks and one dock, was approximately 90% complete, with all reconstruction work anticipated to be completed by the end of November. Proposed remedial work activities for a safe restart of initial operations have been submitted to the relevant regulatory agencies for review and approval. Subject to Freeport LNG meeting its regulatory requirements, it is targeting initial production at the facility in mid-December. Each of Freeport LNG's three liquefaction trains will be restarted and ramped up safely, in a slow and deliberate manner, with each train starting separately before restarting a subsequent train. It is expected that approximately 2 BCF per day of production will be achieved in January 2023. Full production utilizing both docks remains anticipated to commence in March 2023. "Our teams have worked diligently over the last several months alongside regulators to ensure the safe restart of our facility. I am immensely grateful for their efforts," said Michael Smith, Founder, Chairman and CEO. "We are committed to moving forward with an uncompromising safety focus and enhanced operational processes that will enable us to chart a safe, sustainable path forward to serve our customers and the broader LNG market as a whole." ABOUT FREEPORT LNG Freeport LNG is an LNG export company headquartered in Houston, Texas. The company's three train, 15 MTPA liquefaction facility is the seventh largest in the world and second largest in the U.S. Freeport LNG's liquefaction facility is the largest all-electric drive motor plant of its kind in the world, making it the most environmentally sustainable site of its kind. The facility's electric drive motors reduce carbon emissions by over 90% relative to gas turbine-driven liquefaction facilities. Freeport plans to expand by adding a fourth liquefaction train, which has received all regulatory approvals for construction. Freeport was formed in 2002 to develop, own and operate an LNG terminal on Quintana Island, near Freeport, Texas. The terminal started LNG import operations in June 2008 and began LNG export operations in 2019. Further information can be found on Freeport's website at www.freeportlng.com. SOURCE Freeport LNG Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN November 20, 2022 https://oilprice.com/Energy/Energy-General/WoodMac-US-To-Triple-LNG-Exports-By-2033.html WoodMac: U.S. To Triple LNG Exports By 2033 By Tsvetana Paraskova - Nov 19, 2022, 6:00 PM CST The United States is on track to triple LNG exports by 2033. LNG buyers are scrambling for diversification and reliable, low-cost supply. High demand in Europe, high natural gas prices, and increased export capacity made the United States the world’s largest LNG exporter in the first half of 2022. Join Our Community Surging global demand for liquefied natural gas is set to nearly triple U.S. LNG exports over the next decade, as LNG buyers seek diversification and reliable, low-cost supply, energy consultancy Wood Mackenzie said in a new report this week. LNG exports are already outpacing U.S. exports to Mexico—compared to lower-than-Mexico exports five years ago. Next year, U.S. LNG exports are set to further increase from the current around 11 billion cubic feet per day (Bcf/d), and to continue growing all the way through 2033, nearly tripling to reach 29 Bcf/d, according to WoodMac. “The North America gas market expansion for the next decade will be equivalent to adding two new Permian basins,” said Dulles Wang, Director, Americas Gas and LNG Research for Wood Mackenzie. “As Europe diversifies to more secure supply sources and international buyers across the globe seek reliable low cost supply, North America is poised to deliver,” Wang added. The U.S. has delivered so far this year in the wake of the Russian invasion of Ukraine and Europe’s pivot away from Russian pipeline gas, whose supply Russia has stifled to a trickle anyway. High demand in Europe, high natural gas prices, and increased export capacity made the United States the world’s largest LNG exporter in the first half of 2022, the U.S. Energy Information Administration said in July. The United States is shipping record volumes of LNG to Europe to help EU allies in their efforts to fill gas storage ahead of the winter. For the first time ever, the European Union imported in June more LNG from the United States than gas via pipeline from Russia, as Moscow slashed its supply to Europe. Most U.S. LNG exports are now flowing to the EU and the UK, accounting for around 70% of all American LNG shipments. That’s in stark contrast with previous years when most LNG out of America was going to Asia, where demand was strongest. The EIA expects continuing growth in LNG exports through 2023. “Although storage stocks in Europe are now largely full, it will still require significant volumes of LNG in the coming months to maintain adequate wintertime supply now that Russia has largely cut off pipeline exports to Europe,” the administration said earlier this month. U.S. LNG export capacity is set to grow until 2025, as three projects have recently started construction—Golden Pass LNG, Plaquemines LNG, and Corpus Christi Stage III. Once completed, the three export projects will expand U.S. LNG peak export capacity by a combined 5.7 Bcf/d by 2025, the EIA noted in September. Year-to-date, LNG is consuming over 11 Bcf/d of the U.S. natural gas output, and that number incorporates the absence of roughly 2 Bcf/d of demand from the Freeport facility, which has been shut down since June, Rich Kinder, Executive Chairman at Kinder Morgan, said at the pipeline operator’s earnings call last month. “We project that after ’27, LNG demand will continue to grow and expected to be 28 Bcf a day by 2030. Given the situation in Europe today, which will result in more long-term contracts and the continuing usage in Asia, this hyper-growth scenario actually seems pretty reasonable to me,” Kinder added. That’s a huge increase, and most of it will occur in Texas and Louisiana, he noted. Brendan McCracken, CEO at Ovintiv, says there will be a lasting demand for North American gas globally.“I think really this is a durable, fundamental call on North American gas that preceded the Russian invasion of Ukraine,” McCracken said on the earnings call earlier this month. “And I think it’s pretty easily forgotten because of the importance of that invasion. But if you look back into what was happening in Europe for gas prices pre-invasion, there was already a dramatic shortage underway,” the CEO at one of the biggest North American independent oil and gas producers said. “Really what we see unfolding is a call on North American gas supply and global LNG demand, whether it’s in Europe or Asia or other parts of the developing world…That’s durable pricing that we see unfolding over decades.” By Tsvetana Paraskova for Oilprice.com More Top Reads From Oilprice.com: EU Presents New Climate Fund For Developing Nations, But There’s A Catch TotalEnergies Looks To Explore For Oil And Gas In West South Africa America’s Ailing Power Grid Is Getting A $13 Billion Bump Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN November 22, 2022 https://www.zerohedge.com/weather/europes-first-major-cold-snap-season-imminent Europe's First Major Cold Snap Of The Season Is Imminent by Tyler Durden Tuesday, Nov 22, 2022 - 04:45 AM Europe has had the luxury this fall of warmer-than-average temperatures, but that could all be changing as cold weather begins to pour into the energy-stricken continent. Short to medium-range outlooks from forecaster Maxar Technologies LLC indicates a cold snap for Europe early this week -- average temperatures will rebound in the second half of the week, but frigid weather will return by early December. Average temperatures across Central Europe were around freezing to start the week. By the end of the week, average temperatures will rise to a 30-year trendline of about 36 degrees Fahrenheit but then start heading lower into early December. For East Europe, a significant cold snap is shaping up for early December. Temperatures are expected to average 15 degrees Fahrenheit by Dec 6 versus an average of around 25 degrees. A similar drop in average temperatures is expected early next month for Nort West Europe. The good news is that EU countries have reached a Nov 1 target to fill natural gas storage sites by 80%. As of Monday, current levels stand at 95% due to unseasonably warm weather squashing heating demand, along with a push by EU countries to curb demand through conservation measures. On a seasonal basis, EU NatGas levels are well above a 12-year mean, though the drawing period has begun. Bloomberg noted the new weather forecasts boosted power contracts for December for France and Germany, up more than 16% and 13%, respectively, on Monday. After months of decline, power prices in both countries could be set for an incline as cold weather sets in. EU NatGas prices were slightly higher and have shown signs of a potential bottom after plunging by more than 63% since the August high. Carlo Buontempo, director of the Copernicus Climate Change Service at the European Centre for Mid-Range Weather Forecasts (ECMWF), told Politico in mid-October that the probability was rising of a cold spell this year -- most likely in December -- remains "very real." Some on Twitter are pointing out that winter is just ahead. "By Dec 6, Europe is submerged in deep cold air down to Spain and North Africa. Something we have not seen in decades," one Twitter user said. [IMAGE OF FORECAST] Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN November 22, 2022 11/22/2022 Tuesday morning in U.S. Dutch front-month natural gas futures rose more than 2.5% to €119 MWh on Tuesday, extending gains into a third day and remaining four times above the average of the last five years as supply issues persist. Gazprom warned it will curb fuel traveling through Ukraine from November 28th, the last remaining pipeline still bringing Russian gas to western Europe. The transit cut will come at a time when temperatures are set to dip below average. On the other hand, above-normal temperatures so far this year allowed gas storage sites to remain near complete creating a buffer for the winter. As of November 20th, gas reserves in the EU were 95% full, and the total storage level in Germany was 100%. Meanwhile, the European Commission is expected to propose introducing a gas price cap for one year from January 1, 2023. The actual ceiling level, however, is not agreed upon yet. https://tradingeconomics.com/commodity/eu-natural-gas Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN November 22, 2022 EXCERPT: Nov 21 (Reuters) - U.S. natural gas futures jumped about 8% to a two-week high on Monday on forecasts for colder weather and stronger heating demand this week than previously expected, and worries a possible rail strike could disrupt coal deliveries and force power generators to burn more gas. https://finance.yahoo.com/news/1-u-natgas-jumps-8-200058021.html Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN November 22, 2022 https://finance.yahoo.com/news/1-freeport-lng-yet-submit-224335832.html UPDATE 2-Freeport LNG yet to submit Texas plant restart request to regulator -source Mon, November 21, 2022 at 4:43 PM REUTERS Nov 21 (Reuters) - Freeport LNG has not yet submitted a full request to the U.S. Department of Transportation's Pipeline and Hazardous Materials Safety Administration (PHMSA) to restart a Texas plant, a source familiar with the company's filings said on Monday. The lack of a full request has raised questions about the company's ability to meet its latest restart timeline. Freeport LNG on Friday said it was targeting a mid-December restart for its Texas export plant, which has been shut for six months after a fire, pending regulatory approval. "Proposed remedial work activities for a safe restart of initial operations have been submitted to the relevant regulatory agencies for review and approval," Freeport said in the release. Operations at the second-largest LNG export facility in the United States will not commence until the plans are approved by the PHMSA. PHMSA's review of the repair work, called Remedial Work Plan (RWP), will take at least a month and could take longer because of the approaching U.S. holidays, one analyst said previously. "PHMSA could still find the RWP deficient for some reason and reject all or part of it ... or PHMSA may decide not to allow a restart until all repairs and inspections are fully executed," said Rapidan Energy Group consultant Alex Munton in a note dated Nov. 9. Federal pipeline safety regulators last week released a heavily redacted consultant's report that blamed inadequate operating and testing procedures, human error and fatigue for the June 8 explosion. (Reporting by Swati Verma in Bengaluru; Editing by Chris Reese and Josie Kao) Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN November 22, 2022 Just now, Tom Nolan said: https://finance.yahoo.com/news/1-freeport-lng-yet-submit-224335832.html UPDATE 2-Freeport LNG yet to submit Texas plant restart request to regulator -source Mon, November 21, 2022 at 4:43 PM REUTERS Nov 21 (Reuters) - Freeport LNG has not yet submitted a full request to the U.S. Department of Transportation's Pipeline and Hazardous Materials Safety Administration (PHMSA) to restart a Texas plant, a source familiar with the company's filings said on Monday. The lack of a full request has raised questions about the company's ability to meet its latest restart timeline. Freeport LNG on Friday said it was targeting a mid-December restart for its Texas export plant, which has been shut for six months after a fire, pending regulatory approval. "Proposed remedial work activities for a safe restart of initial operations have been submitted to the relevant regulatory agencies for review and approval," Freeport said in the release. Operations at the second-largest LNG export facility in the United States will not commence until the plans are approved by the PHMSA. PHMSA's review of the repair work, called Remedial Work Plan (RWP), will take at least a month and could take longer because of the approaching U.S. holidays, one analyst said previously. "PHMSA could still find the RWP deficient for some reason and reject all or part of it ... or PHMSA may decide not to allow a restart until all repairs and inspections are fully executed," said Rapidan Energy Group consultant Alex Munton in a note dated Nov. 9. Federal pipeline safety regulators last week released a heavily redacted consultant's report that blamed inadequate operating and testing procedures, human error and fatigue for the June 8 explosion. (Reporting by Swati Verma in Bengaluru; Editing by Chris Reese and Josie Kao) PR NEWSWIRE https://www.prnewswire.com/news-releases/freeport-lng-provides-update-on-initial-restart-of-its-liquefaction-facility-301682984.html News provided by Freeport LNG Nov 18, 2022, 11:55 ET FREEPORT LNG PROVIDES UPDATE ON INITIAL RESTART OF ITS LIQUEFACTION FACILITY Quote Share this post Link to post Share on other sites
RichieRich216 + 454 RK November 22, 2022 To everyone on this sight have a Happy Thanksgiving to you and yours. Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN November 23, 2022 https://oilprice.com/Energy/Natural-Gas/Floating-LNG-Projects-Boom-As-Europe-Races-To-Stock-Up-On-Gas.html Floating LNG Projects Boom As Europe Races To Stock Up On Gas By Tsvetana Paraskova - Nov 21, 2022, 6:00 PM CST Floating LNG projects are booming in both gas-importing countries and gas-producing countries. Europe is the main driver in the soaring demand for FLNG projects. Europe is racing against time to stock up on as much natural gas as possible as it slashes its reliance on Russian energy. Join Our Community Floating LNG projects are becoming increasingly popular as Europe races against time to get its hands on as much natural gas as soon as possible, and developers look for cheaper and faster options to monetize gas resources. Just this month, a new floating LNG (FLNG) platform began to export gas from Mozambique to Europe, while several FLNG and floating storage regasification units (FSRUs) have already been set up in Europe, just a few months after the Russian invasion of Ukraine upended the EU’s energy policy. Demand for floating LNG projects is soaring, both in gas importing countries and gas-producing nations, as energy security and ways to curb skyrocketing energy bills for industries and households top the energy policy agenda after Russia slashed gas supply to Europe earlier this year. Investors are also more inclined to fund lower-cost, smaller offshore FLNG projects with quicker paybacks than huge onshore LNG facilities that take more than double the time to build. “The reputation of floating LNG is definitely improving,” Fraser Carson, an analyst at energy consultancy Wood Mackenzie, told Bloomberg. “We are seeing lenders much more willing to provide financing for FLNG projects,” Carson added. Over the past few months, FLNG projects have gathered momentum, both in producing and importing countries. Earlier this month, Italy’s Eni announced the first shipment of LNG produced by Coral Sul FLNG from the Coral gas field in the ultra-deep waters of the Rovuma Basin off Mozambique. The project, sanctioned in 2017, came on stream after just five years, in line with the initial budget and schedule, despite the disruptions caused by Covid, the Italian energy major said. In Europe, FSRUs are being set up in Germany, the Netherlands, and Finland. Eemshaven in the Netherlands and Wilhelmshaven and Brunsbüttel in Germany are expected to be operational by the end of this year. Currently, the faster and cheaper option to have more LNG import facilities is the hiring of FSRUs, Kaushal Ramesh, Senior Gas & LNG Analyst at Rystad Energy, told Financial Times’ Alan Livsey earlier this year “There are few use cases better suited to FSRUs than Europe’s situation right now,” Ramesh told FT. Onshore LNG import facilities are much more expensive, take years to build, and ultimately, and they could remain stranded assets if Europe reaches its goal to cut gas consumption by 30% by 2030 and greenhouse gas emissions by at least 55% by 2030—its interim target on the road to net-zero emissions by 2050. So countries in northern Europe are now looking to charter FSRUs for LNG imports to secure gas supply for the next few winters until the EU makes meaningful progress in cutting gas consumption through energy efficiency measures and boosting hydrogen and renewable gas use. For example, on the day in May on which Gazprom said it would cut off all gas supply to Finland effective immediately, Finland’s transmission network company Gasgrid Finland Oy and U.S.-based Excelerate Energy signed a ten-year lease agreement for the LNG terminal ship Exemplar to ensure sufficient gas supply in Finland. “Leasing an LNG terminal vessel is extremely important, as it ensures security of supply for gas supplies in both Finland and Estonia,” Gasgrid CEO Olli Sipilä said at the time. Related: Saudis Take The Lead In New Round Of OPEC+ Cuts In the Netherlands, gas provider Gasunie built a floating LNG terminal in Eemshaven in the Groningen area, and commissioned it in September, just six months after concept. Germany, for its part, has already chartered several FSRUs since May, with two of those, at Wilhelmshaven and at Brunsbüttel, expected to begin operations by the end of this year. Last week, Germany said it had completed the construction of the Wilhelmshaven floating LNG terminal. Currently, Germany has six such FLNG terminals planned by the end of 2023. Those FSRUs will have the capacity to import around a third of Germany’s annual gas consumption, according to Reuters estimates. True, FLNG projects have much lower production/import capacity than the large onshore plants. But they are the cheaper and faster alternative to meet short-to-medium term gas demand in Europe. By Tsvetana Paraskova for Oilprice.com More Top Reads From Oilprice.com: A Quarter Of All Americans Could Face Energy Emergencies This Winter Hess: OPEC’s Back In The Driver’s Seat Why Is The U.S. Losing Oil Refining Capacity? Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN November 28, 2022 https://www.zerohedge.com/weather/atmospheric-chess-pieces-align-polar-vortex-may-unleash-arctic-blast-far-deep-south "Atmospheric Chess Pieces Align": Polar Vortex May Unleash Arctic Blast As Far As Deep South by Tyler Durden Sunday, Nov 27, 2022 - 04:00 PM Ever so often, the polar vortex dips south over North America from its usual perch in the Arctic and brings a blast of cold air. The next arrival appears imminent, potentially as early as the first week of December, over the eastern half of the US. According to freelance meteorologist Mike Masco, a "monster negative NAO [North Atlantic Oscillation] signal showing the pattern will reload the cold FAST as the atmospheric chess pieces align to produce major cold & potential polar vortex into the eastern/northern USA Dec. 5 & Beyond." Masco said, "consider topping off Oil/propane tanks soon if that's your heating mode." Others say a polar vortex will plunge temperatures below freezing across the Deep South, mainly in Alabama, Louisiana, and South Carolina, by Dec. 13. Average temperatures in Washington, DC, will peak around 60 degrees Fahrenheit on Dec. 6 and begin to slide to about 26 degrees by Dec. 12. Temperatures across North Carolina will plunge from the low 60s to sub-freezing by Dec. 12. The same for South Carolina. As well as Georgia. The cold air will even pour into Florida. On a regional basis, Midwest temperatures will average around 20 degrees by Dec. 12. Southeast temperatures will plunge to freezing conditions. The cold blast will be so severe that temperatures across the country, on average, will be driven down to around 35 degrees. And look at heating degree days for the South East .... the cold blast will send heating demand through the roof. However, Phil Flynn, senior analyst at Price Futures Group in Chicago, told Reuters that even though "the forecast seems to suggest we are going to see this polar vortex... (traders are) pulling back some of their positions on the anticipation, the cold blast might not be as far-reaching as originally feared." Last week, Houston-based energy firm Criterion Research explained that the US "officially flipped over to withdrawal season" as heating demand begins to rise. What appears to be an upcoming cold blast may only suggest US natural gas prices could rise even higher. Enjoy the warm weather while it lasts -- because if forecasts hold up, a polar vortex could plunge a large swath of the US into a deep freeze. Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN November 29, 2022 https://www.fxempire.com/forecasts/article/natural-gas-price-fundamental-daily-forecast-low-demand-high-production-cap-gains-while-wildcards-underpin-1213315 Natural Gas Price Fundamental Daily Forecast – Low Demand, High Production Cap Gains, While Wildcards Underpin By:James Hyerczyk Published: Nov 29, 2022, 06:43 CST There are two wildcards that could spike prices higher, the specter of a rail workers strike and the return to service of the Freeport LNG terminal. Natural gas futures are edging higher on Tuesday after a three-day setback. Helping to underpin the market is a surge in crude oil prices, however, gains are likely being capped by forecasts calling for normal temperatures the first week in December. At 12:10 GMT, January natural gas futures are trading $7.284, up $0.088 or +1.22%. On Monday, the United States Natural Gas Fund ETF (UNG) settled at $22.34, down $0.36 or -1.59%. Crude oil prices are trading higher for a second session on Tuesday on hopes that China will ease its COVID restrictions and rumors that OPEC and its allies could announce another cut in output when it meets on December 4. Monday Recap – Prices Dip on Lower Demand Forecast Natural gas futures fell on the expiration of the December futures contract on Monday, as forecasts for demand dropped and production rose to near all-time highs. Meanwhile, there has been no fresh news on when Freeport LNG would resume production. Traders were paying particular attention to the 6-10 day weather forecast that showed a little bearish moderation. Refinitiv Supply/Demand Forecast Refinitiv projected that average U.S. gas demand, including exports, would ball to 116 billion feet per day (bcfd) this week from 125.8 bcfd in the prior week. The data company also showed average gas output in the U.S. Lower 48 states rose to 99.6 bcfd so far in November, up from a monthly record of 99.4 bcfd in October. No News on Freeport LNG Restart Once again, traders had more questions than answers about whether Freeport LNG will be able to restart its liquefied natural gas (LNG) export plant in Texas in mid-December as planned. That will be a major event because once the 2.1-billion-cubic-feet-per-day (bcfd) plant restarts it will consume U.S. gas to turn it into LNG for export, boosting demand for gas at the same time that cold winter weather will boost heating demand. Short-Term Outlook First the bearish news. NatGasWeather said forecasts over the weekend extended warmer trends for the first week of December and showed above-normal temperatures over the southern and eastern portions of the Lower 48. However, this may be short-lived event since, “Much of the weather data favors a rather chilly U.S. pattern setting up Dec. 8-11,” a timeframe where “colder trends were observed” in the latest model runs, the firm said. There are two wildcards that could spike prices higher. The first is the specter of a rail workers strike and the second, the return to service of the Freeport LNG terminal. For a look at all of today’s economic events, check out our economic calendar. Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN November 30, 2022 Wed Nov 30th morning in the US - EUROPE Dutch front-month natural gas futures surged more than 8% to above €140 MWh on Wednesday, the highest in over six weeks and extending a 7.3% rise in the previous session, as stockpiles started to fall and gas traders are coming to terms that frigid temperatures going forward will drain stockpiles. Storages in the EU were 93.6% full as of November 28th, lower than 93.9% the day before. In Germany, stocks went down to 98.6% from 98.9%. Adding upward pressure, there are also processing issues at the Troll field in Norway and the UK’s Barrow North terminal. Meanwhile, Gazprom continued to send gas to Europe via Ukraine, and the company said it has decided against reducing supplies to Moldova, while reserving the right to lower or cut shipments if Moldova fails to make agreed payments. On the political front, EU energy ministers agreed to postpone the approval of a proposed gas price cap at €275/MWh to mid-December. Considering November, European natural gas prices are up almost 17%. https://tradingeconomics.com/commodity/eu-natural-gas Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN November 30, 2022 Bloomberg - Nov 20 Global LNG Supplies Are ‘Sold Out’ for Years, Top Importer Warns https://archive.ph/YpahZ EXCERPTS ...Long-term LNG contracts that start before 2026 are sold out, according to a survey of Japanese companies conducted by the trade ministry and released Monday. These types of contracts are essential for buyers, as they offer stable pricing and reliable supply for many years... ...Meanwhile, Europe is racing to replace Russian pipeline gas with LNG, further exacerbating the global shortage of fuel. This means importers will be forced to depend more on the volatile and expensive spot market, which is currently trading nearly three times higher than long-term contracts. Roughly 30% of all LNG deliveries were via the spot market last year, according to the International Group of Liquefied Natural Gas Importers... Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN November 30, 2022 Tuesday Nov 29 By Tsvetana Paraskova for Oilprice.com Gazprom Warns European Natural Gas Prices Could Top $3,000 MCM https://finance.yahoo.com/news/gazprom-warns-european-natural-gas-150000775.html Natural gas prices in Europe could top $3,000 per thousand cubic meters, according to Gazprom, cited by Russian news agency Interfax, which would be above a proposed safety price ceiling for the benchmark European gas futures. Last week, the European Commission proposed a new EU instrument to limit excessive gas price spikes, consisting of a safety price ceiling of $285 (275 euros) per megawatt hour (MWh) on the month-ahead derivatives at the Title Transfer Facility (TTF) hub, the benchmark for the European gas price. The 275 euros/MWh price equals around $2,950 per thousand cubic meters. The proposed EU mechanism of a “safety price ceiling” would be triggered automatically when both of the following conditions are met— the front-month TTF derivate settlement price exceeds 275 euros for two weeks; and TTF prices are $60 (58 euros) higher than the LNG reference price for 10 consecutive trading days within the two weeks. The TTF prices eased on Monday to below $124 (120 euros) per MWh, after Gazprom withdrew last week’s threat to halt supplies to Moldova via Ukraine. Last week, Gazprom said it could begin reducing natural gas supply to Europe via Ukraine as of November 28 after noticing that part of the volumes through Ukraine were not reaching Moldova. Gazprom said that it had noticed some of the gas intended for Moldova under a contract with the local gas firm was being diverted by Ukraine. If the imbalance in gas transit continues, Gazprom will start reducing gas flows via Ukraine on the morning of November 28, it said. Moldova and Ukraine accused Gazprom of “blackmail” for threatening to reduce gas supply. Gazprom said yesterday that Moldovagaz had paid, belatedly, for Russian gas deliveries for November, and therefore, “it was decided not to reduce gas supplies to the Sudzha entry point for transit to Moldova.” Gazprom accused the Moldovan company of regularly violating the payment obligations and warned that it could “reduce or completely suspend gas supplies” if Moldova fails to pay for them. By Tsvetana Paraskova for Oilprice.com More Top Reads From Oilprice.com: No Deal On Russian Oil Price Cap As Deadline Looms Biden Administration Proposes New Rules To Curb Gas Flaring Germany Inks 15-Year LNG Deal With Qatar Read this article on OilPrice.com Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN December 1, 2022 (edited) https://www.zerohedge.com/weather/greenland-block-set-dump-arctic-across-eu-first-major-test-power-grids 'Greenland Block' Could Pour Arctic Air Across EU In First Proper Test Of Power Grids by Tyler Durden Thursday, Dec 01, 2022 - 01:45 AM Temperatures across Northwest Europe are set to dive well below average for the first half of December as an Arctic blast will be the first real test for the energy-stricken continent's power systems. Bloomberg data shows average temperatures will begin sliding Wednesday under a 30-year trendline of about 40 degrees Fahrenheit to 27 degrees by the midpoint of December. This means that temperatures will be 10 degrees below the historical average, a sure sign that heating demand will rapidly increase. Heating demand is set to explode. Meteorologists at Klart.se in Sweden explained the Arctic chill is due to "a so-called Greenland blocking" event. The weather phenomenon "is starting to take shape in the middle or end of next week, which will send cold Arctic air in over Europe," they continued and described the blocking pattern as a high-pressure zone over Greenland that restricts weather systems from running into it and pushes the jet stream south. Temperatures across the largest European economy are expected to crater in the next two weeks to an average of 20 degrees. France will hover below freezing. The good news for Europe is that warmer-than-average autumn allowed natural gas reserves to fill up about 95%. Now comes the drawing period as heating demand is set to surge. Dutch NatGas benchmark TTF prices have already started to reverse on the prospects of colder weather. Power prices are moving higher. The Nordic daily rate for Wednesday jumped 8.2% to 373.23 euros ($387) per megawatt- hour. German, French, and UK power prices are also increasing. And it begins: All that matters for Europe now are just how severe winter will be and the rate at which it draws NatGas from storage. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Thursday Dec 1st in U.S. - EU NATGAS Dutch front-month natural gas futures extended gains for a third session to above €150 MWh, the highest since mid-October, and following a 24% rise in November. Temperatures are set to fall as winter sets in reducing stockpiles. Storages in the EU were 93.6% full as of November 28th, lower than 93.9% the day before. In Germany, stocks went down to 98.6% from 98.9%. Meanwhile, there are also processing issues at the Troll field in Norway and the UK’s Barrow North terminal. On the positive side, Gazprom continued to send gas to Europe via Ukraine, and said that it has decided against reducing supplies to Moldova while reserving the right to lower or cut shipments if Moldova fails to make agreed payments. On the political front, last week EU energy ministers failed to reach an agreement to cap natural gas prices at €275/MWh and are set to discuss again energy package on December 13th. https://tradingeconomics.com/commodity/eu-natural-gas Edited December 1, 2022 by Tom Nolan Quote Share this post Link to post Share on other sites
Blackbag99 + 20 TB December 2, 2022 2 days into winter, with 88 to go. I am not sure there is a weather system that can knock 3.3 Trillion cubic feet in storage in the EU. 1 Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN December 2, 2022 (edited) REUTERS - Fri, December 2, 2022 at 10:31 AM - https://finance.yahoo.com/news/1-freeport-pushes-texas-lng-163124830.html UPDATE 3-Freeport pushes Texas LNG export plant restart to year end Dec 2 (Reuters) - Freeport LNG on Friday again delayed the restart of the second-biggest U.S. liquefied natural gas (LNG) export facility, pushing start-up plans for its Texas plant to the end of the year, pending regulatory approval. In November, the company said it was on track to restart the plant in mid December and get most LNG production back in January with a return to full service in March. Freeport shut the plant on June 8 after an explosion that energy consultants said was the result of human error, inadequate operating and testing procedures and other factors. "We received (on Thursday) several key approvals from the regulatory agencies that allow us to complete certain critical repairs and commence reinstatement of certain systems," Freeport LNG spokesperson Heather Browne told Reuters in an email. "Based upon current progress, and subject to us continuing to meet necessary regulatory requirements, we now anticipate that the restart of our liquefaction facility to be achieved around year end," Browne said. U.S. LNG exports have steadily increased for years, and that supply has become crucial to European buyers since Russia has mostly cut off the continent's natural gas exports in response to sanctions placed on Moscow for its invasion of Ukraine. Freeport cannot start up until its plans are approved by the U.S. Department of Transportation's Pipeline and Hazardous Materials Safety Administration (PHMSA). Officials at PHMSA were not immediately available for comment. Freeport has already pushed back the plant's expected restart several times since it shut. In June, the company expected to restart the plant in October. In August, they moved that to November, and then in November they moved the restart to December. At full capacity, the plant can turn about 2.1 billion cubic feet per day (bcfd) of natural gas into LNG. The United States is currently liquefying about 12 bcfd of gas into LNG at the country's six other big LNG export plants, according to data from Refinitiv. The shutdown has forced Freeport's customers like JERA and Osaka Gas to book hundreds of millions of dollars of losses because they had to buy expensive LNG from other sources to supply their own customers. In August, LNG prices hit record highs of more than $90 per million British thermal units (mmBtu) at the Dutch Title Transfer Facility (TTF) in Europe and nearly $70 at the Japan Korea Marker (JKM) in Asia. That compares with an average of around $7 per mmBtu so far this year at the U.S. Henry Hub benchmark in Louisiana. Freeport's other customers include units of BP, TotalEnergies and SK E&S. JERA is an alliance between units of Tokyo Electric and Chubu Electric. (Reporting by Kavya Guduru in Bengaluru and Scott DiSavino in New York Editing by Marguerita Choy) ~~~~~~~~~~~~~~~~~~~ REUTERS - Fri, December 2, 2022 at 12:06 PM https://finance.yahoo.com/news/1-u-natgas-drop-5-180635216.html UPDATE 2-U.S. natgas drops 7% on delayed Freeport LNG restart, less cold forecasts (Adds latest prices) Dec 2 (Reuters) - U.S. natural gas futures dropped about 7% to a two-week low on Friday on a delayed restart for the Freeport liquefied natural gas (LNG) export plant in Texas and forecasts for milder weather and lower demand over the next two weeks than previously expected. Milder weather should allow utilities to leave more gas in storage. Gas stockpiles were about 2.4% below the five-year (2017-2021) average for this time of year. Freeport LNG delayed the expected restart of its export plant to the end of the year from mid December, pending regulatory approval. The plant, which can turn about 2.1 billion cubic feet per day (bcfd) of gas into LNG, shut on June 8 due to an explosion caused by inadequate operating and testing procedures, human error and fatigue, according to a report by consultants hired by the company to review the incident and propose corrective actions. A few ships have been waiting in the Gulf of Mexico to pick up LNG from Freeport, including Prism Brilliance, Prism Diversity and Prism Courage, according to shipping data from Refinitiv. Another factor weighing on prices has been efforts by the U.S. government to reduce the risk of a railroad worker strike. A rail strike could have cut coal deliveries to power plants, forcing generators to burn more gas to produce electricity. Analysts at energy consulting firm Gelber & Associates warned, however, that the market was shrugging off a minor weather model showing a severe polar vortex was possible in mid December. "Many gas market players and hedge funds will not want to be short going into this weekend because of the severity of this developing situation," Gelber told customers in a note, pointing out that major weather models have missed the severity of some Arctic events in the past, like the February freeze in Texas in 2021. Front-month gas futures fell 45.7 cents, or 6.8%, to settle at $6.281 per million British thermal units (mmBtu), their lowest close since Nov. 16. That also put the contract down about 11% for the week after rising about 19% during the prior two weeks. In the spot market, meanwhile, gas prices in California have soared about 125% over the past two weeks as freezing weather and snow blankets parts of the state and pipeline outages and constraints limit gas flows. In Northern California, next-day gas at the PG&E citygate hit its highest since February 2014, while gas at the Southern California Border rose to its highest since September 2021. U.S. gas futures are up about 67% so far this year as much higher global prices feed demand for U.S. exports due to supply disruptions and sanctions linked to Russia's invasion of Ukraine. Gas was trading at $42 per mmBtu at the Dutch Title Transfer Facility (TTF) in Europe and $32 at the Japan Korea Marker (JKM) in Asia. Data provider Refinitiv said average gas output in the U.S. Lower 48 states rose to a monthly record of 99.5 bcfd in November, up from 99.2 bcfd in October. With colder weather coming, Refinitiv projected average U.S. gas demand, including exports, would jump from 115.7 bcfd this week to 121.4 bcfd next week and 129.4 bcfd in two weeks. The forecast for next week was lower than Refinitiv's outlook on Thursday. The average amount of gas flowing to U.S. LNG export plants jumped to 12.7 bcfd so far in December, up from 11.8 bcfd in November. Although it is still early in the month, that is just shy of the monthly record of 12.9 bcfd in March despite the ongoing outage at Freeport. Week ended Week ended Year ago Five-year Dec 2 Nov 25 Dec 2 average (Forecast) (Actual) Dec 2 U.S. weekly natgas storage change (bcf): -40 -81 -59 -49 U.S. total natgas in storage (bcf): 3,443 3,483 3,513 3,520 U.S. total storage versus 5-year average -2.2% -2.4% Global Gas Benchmark Futures ($ per mmBtu) Current Day Prior Day This Month Prior Year Five Year Last Year Average Average 2021 (2017-2021) Henry Hub 6.72 6.74 3.86 3.73 2.89 Title Transfer Facility (TTF) 42.27 45.64 37.67 16.04 7.49 ...article continues Edited December 2, 2022 by Tom Nolan Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN December 2, 2022 US natural gas futures extended losses to over 5% to $6.3/MMBtu on Friday, the lowest since November 14th and were set for an over 13% weekly fall, after Freeport delayed the restart of its LNG export plant to the end of the year from mid-December, leaving more gas in the domestic market. Natural gas futures were already lower on forecasts for less cold weather and lower demand which should allow utilities to leave more gas into storage. Also, average gas output in the US Lower 48 states rose to a record 99.5 bcfd in November, up from 99.4 bcfd in October. At the same time, the US government is stepping up efforts to reduce the risk of a railroad worker strike that could disrupt coal deliveries and force power generators to burn more gas. https://tradingeconomics.com/commodity/natural-gas Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN December 6, 2022 Tuesday Dec 6th morning in U.S. US natural gas futures extended losses to below $5.5/MMBtu, the lowest since July 6th on expectations of higher supply and milder weather across the US over the next two weeks. The restart of the Freeport LNG export plant due to take place in the mid of December was pushed until the end of the month as the company is still waiting for regulatory approval, leaving more gas in the domestic market. Also, average gas output in the US Lower 48 states rose to a record 99.5 bcfd in November, up from 99.4 bcfd in October. Meanwhile, warmer-than-usual temperatures should allow utilities to leave more gas in storage which is now around 2.4% below the five-year (2017-2021) average for this time of year. Still, US gas futures are up nearly 75% so far this year as overseas demand for LNG remains strong especially from Europe after the war in Ukraine has disrupted the gas supply. Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN December 7, 2022 Wed morning U.S. - Dec 7, 2022 - https://www.fxempire.com/forecasts/article/natural-gas-price-fundamental-daily-forecast-short-covering-fueled-by-overnight-shift-toward-cold-dec-15-21-1222587 Natural Gas Price Fundamental Daily Forecast – Short-Covering Fueled by Overnight Shift Toward Cold Dec. 15-21 By:James Hyerczyk Published: Dec 7, 2022, 06:26 CST A shift in the overnight weather forecasts is the catalyst behind the early strength, but technical traders will tell you the market is oversold. Natural gas futures are up over 4% on Monday, recovering nicely from a multi-month low reached the previous session. A shift in the overnight weather forecasts is the catalyst behind the early strength, but technical traders will tell you the market is oversold. At 12:04 GMT, January Natural Gas futures are trading $5.688, up $0.219 or -4.00%. This is up from yesterday’s $5.337 low. On Tuesday, the United States Natural Gas Fund ETF (UNG) settled at $16.41, down $0.69 or -4.06%. Overnight Recap NatGasWeather said, “Nat gas prices are sharply higher in overnight trade after the GFS and EC reversed and trended 15-20 HDDs colder. It’s to no surprise the weather data trended colder after 5-straight days of warmer trends, although the amount it trended cooler by was likely more than the nat gas markets were expecting. Most important, the overnight data trended colder for Dec. 15-21 by favoring frosty air over Western Canada and the U.S. Northern Plains advancing more aggressively south and eastward, thereby covering most of the U.S. with below normal temperatures. But will the weather data finally hold a colder pattern for Dec. 16-21 after once showing a frosty pattern Dec. 1-15 only to trend notably warmer with it?” Early Estimates for Thursday’s EIA Weekly Storage Report Natural Gas Intelligence (NGI) is saying that storage data continued to trickle in for market observers on Tuesday, painting an even less supportive outlook for prices. Early storage withdrawal estimates have whittled down from last week, with the mild temperatures in the forecast likely to flip inventories back to a surplus to the five-year average within weeks. NGI is modeling a 25 Bcf decline in stocks for the week-ending December 2. This compares with a 49 Bcf withdrawal in the similar year-ago period and the 59 Bcf five –year average. Short-Term Outlook Traders are responding this morning to the change in the weather pattern. So far it’s only being fueled by profit-taking and short-covering. It’s still a little too early to think about a change in trend especially since there is no support base. Furthermore, the market still has to fill the gap at 6.052 to 6.621 first before it will have a shot at the short-term target at $6.757 – $7.092. Meanwhile, given the erratic weather pattern around Dec. 16-21, there is still risk to the downside. This means a plunge into the two main bottoms at $4.412 – $3.961 is still in play. For a look at all of today’s economic events, check out our economic calendar. Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN December 7, 2022 https://www.yahoo.com/news/greenland-block-funnel-arctic-air-162127163.html 'Greenland block' to funnel in arctic air, increased snow chances across East Quote Share this post Link to post Share on other sites
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