DJ UPDATE:US GAS: Futures Rise, Traders Repurchase Before Winter
futuresource.quote.com
Bloomberg: Nymex Natural Gas Rises as Traders Cover Bets Prices Would Fall
bloomberg.com
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Reuters: While cold weather was not seen
easing yet in the eastern U.S., milder weather forecast for
much of the remainder of the nation and follow-through weakness
from big losses in the gas futures market Wednesday pressured
spot natural gas prices at nearly every price point Thursday.
www1.investorvillage.com
Physical Natural Gas Prices for next day delivery - Down everywhere.
intelligencepress.com
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Easing of cold weather predicted.
wxmaps.org
cpc.ncep.noaa.gov
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GULF PRODUCTION MONITOR: November 8, 2007
bentekenergy.com
Although Gulf production is down only about 1% today compared to yesterday, it is down about 5% compared to the end of last month 11.1 Bcf/d currently compared to 11.6 Bcf/d on Oct. 31. Current production is down to levels last seen in late September after Tropical Depression 10 caused shut-ins. The bulk of the declines are in the Louisiana Federal Offshore area. Multiple pipes are responsible, but the largest declines are on Mississippi Canyon (currently 215,000 Dth/d compared to 586,000 Dth/d on Oct. 31).
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Consumption and Production from the STEO
eia.doe.gov
Consumption. Total natural gas consumption for 2007 is expected to rise by 4.5 percent primarily because of increases in the residential, commercial, and electric power sectors that occurred in the early part of the year (Total U.S. Natural Gas Consumption Growth). In 2008, total consumption is projected to grow by 0.9 percent. In the residential sector, consumption is expected to increase by 2.0 percent in 2008, with 0.9 and 1.3 percent growth expected in the commercial and electric power sectors, respectively. Consumption in the industrial sector is projected to decline by 0.7 percent in 2007 and remain relatively unchanged in 2008.
Production and Imports. Total U.S. natural gas production is expected to rise by 1.4 percent in 2007 and by 1.3 percent in 2008. In 2007, rising natural gas production in the Lower-48 onshore region has been partially offset by lower production in the Gulf of Mexico. Ongoing efforts to develop unconventional reserves are expected to increase Lower-48 onshore production by 2.2 percent this year and by 0.3 percent in 2008. Although production in the Gulf is expected to decline by 2.8 percent in 2007, the development of deepwater supply sources is expected to lead to production growth of 7.4 percent in 2008.
Imports of liquefied natural gas (LNG) have slowed substantially since earlier this year, reflecting changes in world LNG supply and demand. Several LNG producers are experiencing difficulties maintaining full production levels at the same time as strong demand in other parts of the world has resulted in higher prices, which divert cargos away from the United States. For example, Japan, which is the world’s largest importer of LNG, is using more LNG for electricity generation following an earthquake that resulted in the ongoing shutdown of a major nuclear power plant. Despite the current reduction in U.S. LNG imports, they are still expected to increase by 39 percent in 2007 and by 24 percent in 2008 as global liquefaction capacity continues to increase. |
