Front-month gas futures for November delivery declined by 8.9 cents, or 2.8%, to $3.147 per million British thermal units (mmBtu). In Europe, gas prices at the Title Transfer Facility (TTF) benchmark in the Netherlands fell around 10% to $15 per mmBtu as rising LNG output eased supply concerns.

According to data from SUPPLY AND DEMAND LSEG, average natgas output in the Lower 48 U.S. states hit a daily average of 103.4 billion cubic feet (bcfd) so far in October, exceeding the previous record high of 103.1 bcfd in July.

The post Natural Gas Prices Down Amid Output Surge, Mild Weather appeared first on theprimarymarket.com.

Tom Kloza, global head of energy analysis at OPIS, expects prices to ease as the use of winter-grade gasoline, which is cheaper to make, rises. Andy Lipow of Lipow Oil Associates supported this view, claiming, “In the next five days I expect gasoline prices to tick on up a few cents, but afterwards consumers east of the Rockies will benefit from the lower priced winter-grade gasoline and we should see about a $0.10 per gallon decline in those markets.”

Still, Lipow warned that Californian gas prices may be the exception, given that winter-grade gasoline does not enter the distribution system until November 1. Currently, California’s gas price is hovering around $5.52 per gallon.

The post Experts Believe Gas Prices for 2023 are Peaking appeared first on theprimarymarket.com.

Power usage in Texas was on track to hit an 11th all-time high this summer on Monday with usage expected to rise to 85,605 megawatts (MW) throughout the day, the state’s grid operator, the Electric Reliability Council of Texas (ERCOT), reported. This is largely due to air conditioning usage across homes and businesses. On August 10, ERCOT recorded an all-time high of 85,435 MW.

Last year, natural gas-powered plants accounted for 49% of the State of Texas’ power, with the remaining electricity supply coming from wind (22%), coal (16%), nuclear (8%), and solar (4%) energy. Front-month gas futures for September on the New York Mercantile Exchange rose by 6.8 cents or 2.7%.

The post Natgas Futures Rise Amid Heatwave appeared first on theprimarymarket.com.

Front-month gas futures for April delivery were up 6.2 cents, or 2.9%, to $2.216 per million British thermal units (mmBtu). This contract remains 5% lower for the week, marking its third weekly loss in a row since early February. On February 21, frotn-month gas futures for April delivery closed at a 29-month low of $2.073 mmBtu.

Friday’s recovery coincides with expectations that the gas flow to liquified natural gas (LNG) export plants would hit a record high following the reopening of the Freeport LNG plant in Texas following an eight-month halt in operations.

Refinitiv data showed that Freeport LNG’s export plant was on track to pull in about 1.6 billion cubic feet per day (bcfd) of gas on Friday; a rise from the 1.5 bcfd on Thursday. Freeport warned, however, that gas flows may rise and fall at a turbulent pace as the plant seeks to restore itself to full service following its extended suspension of activities.

The post Natural Gas Futures Up Amid Colder Weather Forecasts appeared first on theprimarymarket.com.

Front-month gas futures on the New York Mercantile Exchange 56.1 cents, or 9%, to $6.806 per million British thermal units (mmBtu).

Data provider Refinitiv has forecast 504 heating degree days over the next two weeks in the Lower 48 U.S. states compared to a 30-year average of 409 HDDs for the same period. As a result, Refinitiv forecast a rise in average U.S. gas demand from 123.4 billion cubic feet per day this week to 145.8 bcfd next week.

In addition to the changing demand forecast, investors’ eyes are also on Freeport LNG, which announced that it could return to partial operation as early as the end of next month. Initially scheduled for mid-December, Freeport decided to delay the restart of its liquefied natural gas (LNG) export plant in Texas until the end of the year, thereby leaving more gas in the United States for domestic use.

The post U.S. Natural Gas Rallies Amid Colder Weather appeared first on theprimarymarket.com.

There are several factors driving the price of gasoline up again, with the most significant being the recent decision by OPEC+, an intergovernmental organization of oil-producing countries, to decrease their oil production. This will further limit the oil supply on the international market, resulting in higher prices.

Reportedly, the U.S. government is already looking into ways to keep the gasoline market in the nation under control and stop the expected surge in prices. One of them might be a ban on gasoline export, although this decision is considered controversial and viewed as a last resort.

Back in June, gasoline prices in the U.S. surpassed $5 per gallon on average for the first time in the country’s history. The price of gas was even higher in some states, with drivers in California paying well above $6 per gallon on average.

The prices started coming back on Earth in July as a result of weaker demand and the government’s decision to tap into their oil reserves in attempt to stabilize the market.

The post U.S. Gasoline Prices Are on the Rise Again appeared first on theprimarymarket.com.

Although U.S. gas prices are expected to peak in the summer and only decline around Labor Day, this has not been the case in 2022, with the White House taking several measures to reduce prices in the wake of the surge that followed the outbreak of the Russia-Ukraine conflict. In June, US gas prices skyrocketed to a peak of $5.02.

“More work remains, but prices are coming down, and the President will continue to call on domestic and international oil producers to increase output so that they can continue to come down,” White House spokesperson Karine Jean-Pierre remarked on the government’s efforts to suppress gasoline price hikes.

The White House plans to release 180 million barrels of crude oil from the U.S. Strategic Petroleum Reserve. Crude oil remains one of the main drivers of gas prices and is thus expected to assist in the suppression of high prices.

The price of crude oil on Wednesday was $92; a sharp decline from its peak price of $139.

The post U.S. Gasoline Drops Beneath $4 For The First Time Since March appeared first on theprimarymarket.com.

GasBuddy’s head of petroleum analysis Patrick De Haan believes the trend of price drops should continue in many parts of the U.S. in the future.

“We’re seeing big declines across many areas of the country, and that should continue,” De Haan said.

Andy Lipow, the founder of consulting firm Lipow Oil Associates, thinks there are too many unknowns to make any guarantees at the moment but sees reasons for optimism.

“That is a long time from now, and in between we have a Hurricane season and we have yet to see the impact of the European Union phased in ban of Russian oil purchases. But there is some reason for optimism,” Lipow explained.

A recent wave of high prices has dragged down gasoline consumption across the nation in recent weeks. The data shared by Energy Information Administration show a five percent year-on-year decline in gas demand. If the trend continues, there is no reason for prices not to continue downward trajectory.

Gas prices have surged past $5 in June, but things have been going for the better since early July. At the moment, a gallon is priced at $4.382 on average.

The post Experts Predict Gas Will Dip Under $4 Per Gallon by October appeared first on theprimarymarket.com.

The average gasoline price across the nation was $4.721 per gallon on Friday, which is 3.1 cents down from the $4.752 average the day before. This marks the biggest daily drop since 2008. According to the data from American Automobile Association (AAA), gas prices have been declining for the past 24 days, which is the longest streak since early 2020.

As expected, the dip in prices wasn’t reflected in all the states equally, as some had it better than others. For example, drivers in South Carolina and Georgia are paying $4.230 and $4.231 per gallon on average. On the other hand, car owners in California are still paying $6.145 for a gallon of gas.

Despite the positives, the experts predict that the challenging times are far from over. The prices of gasoline are still $1.58 higher than they were a year ago. The supply is also at its lowest seasonal level in seven years, and the expectations are that the problem will continue to persist in the coming months.

The post U.S. Gasoline Prices Record the Biggest Daily Drop Since 2008 appeared first on theprimarymarket.com.

According to American Automobile Association (AAA), the gas prices have dipped below $5 again and are now at a national average of $4.94. According to experts, the trend could continue in the coming weeks and get the national average down by 10 to 20 cents around the Fourth of July weekend.

However, Patrick De Haan, the head of petroleum analysis at GasBuddy, warns that this won’t be a sign of long-term relief. Instead, the gasoline prices could have an even bigger surge later in the summer.

“We still could see a super spike in gas prices later this summer, should a hurricane threaten Gulf Coast oil refineries or oil platforms,” said De Haan. “Motorists should know that while we may see small relief today, risks remain that prices could go up at a moment’s notice and set new records again.”

Drivers are currently paying the most for gas in California, where regular is $6.358 per gallon and diesel is $6.991 on average. The cheapest gas is in Georgia, where regular costs $4.439 per gallon and diesel is $5.526.

The post U.S. Gas Prices Fall Below $5, Could Go Lower in Coming Weeks appeared first on theprimarymarket.com.

Front-month gas futures for November delivery declined by 8.9 cents, or 2.8%, to $3.147 per million British thermal units (mmBtu). In Europe, gas prices at the Title Transfer Facility (TTF) benchmark in the Netherlands fell around 10% to $15 per mmBtu as rising LNG output eased supply concerns.

According to data from SUPPLY AND DEMAND LSEG, average natgas output in the Lower 48 U.S. states hit a daily average of 103.4 billion cubic feet (bcfd) so far in October, exceeding the previous record high of 103.1 bcfd in July.

The post Natural Gas Prices Down Amid Output Surge, Mild Weather appeared first on theprimarymarket.com.

Tom Kloza, global head of energy analysis at OPIS, expects prices to ease as the use of winter-grade gasoline, which is cheaper to make, rises. Andy Lipow of Lipow Oil Associates supported this view, claiming, “In the next five days I expect gasoline prices to tick on up a few cents, but afterwards consumers east of the Rockies will benefit from the lower priced winter-grade gasoline and we should see about a $0.10 per gallon decline in those markets.”

Still, Lipow warned that Californian gas prices may be the exception, given that winter-grade gasoline does not enter the distribution system until November 1. Currently, California’s gas price is hovering around $5.52 per gallon.

The post Experts Believe Gas Prices for 2023 are Peaking appeared first on theprimarymarket.com.

Power usage in Texas was on track to hit an 11th all-time high this summer on Monday with usage expected to rise to 85,605 megawatts (MW) throughout the day, the state’s grid operator, the Electric Reliability Council of Texas (ERCOT), reported. This is largely due to air conditioning usage across homes and businesses. On August 10, ERCOT recorded an all-time high of 85,435 MW.

Last year, natural gas-powered plants accounted for 49% of the State of Texas’ power, with the remaining electricity supply coming from wind (22%), coal (16%), nuclear (8%), and solar (4%) energy. Front-month gas futures for September on the New York Mercantile Exchange rose by 6.8 cents or 2.7%.

The post Natgas Futures Rise Amid Heatwave appeared first on theprimarymarket.com.

Front-month gas futures for April delivery were up 6.2 cents, or 2.9%, to $2.216 per million British thermal units (mmBtu). This contract remains 5% lower for the week, marking its third weekly loss in a row since early February. On February 21, frotn-month gas futures for April delivery closed at a 29-month low of $2.073 mmBtu.

Friday’s recovery coincides with expectations that the gas flow to liquified natural gas (LNG) export plants would hit a record high following the reopening of the Freeport LNG plant in Texas following an eight-month halt in operations.

Refinitiv data showed that Freeport LNG’s export plant was on track to pull in about 1.6 billion cubic feet per day (bcfd) of gas on Friday; a rise from the 1.5 bcfd on Thursday. Freeport warned, however, that gas flows may rise and fall at a turbulent pace as the plant seeks to restore itself to full service following its extended suspension of activities.

The post Natural Gas Futures Up Amid Colder Weather Forecasts appeared first on theprimarymarket.com.

Front-month gas futures on the New York Mercantile Exchange 56.1 cents, or 9%, to $6.806 per million British thermal units (mmBtu).

Data provider Refinitiv has forecast 504 heating degree days over the next two weeks in the Lower 48 U.S. states compared to a 30-year average of 409 HDDs for the same period. As a result, Refinitiv forecast a rise in average U.S. gas demand from 123.4 billion cubic feet per day this week to 145.8 bcfd next week.

In addition to the changing demand forecast, investors’ eyes are also on Freeport LNG, which announced that it could return to partial operation as early as the end of next month. Initially scheduled for mid-December, Freeport decided to delay the restart of its liquefied natural gas (LNG) export plant in Texas until the end of the year, thereby leaving more gas in the United States for domestic use.

The post U.S. Natural Gas Rallies Amid Colder Weather appeared first on theprimarymarket.com.

There are several factors driving the price of gasoline up again, with the most significant being the recent decision by OPEC+, an intergovernmental organization of oil-producing countries, to decrease their oil production. This will further limit the oil supply on the international market, resulting in higher prices.

Reportedly, the U.S. government is already looking into ways to keep the gasoline market in the nation under control and stop the expected surge in prices. One of them might be a ban on gasoline export, although this decision is considered controversial and viewed as a last resort.

Back in June, gasoline prices in the U.S. surpassed $5 per gallon on average for the first time in the country’s history. The price of gas was even higher in some states, with drivers in California paying well above $6 per gallon on average.

The prices started coming back on Earth in July as a result of weaker demand and the government’s decision to tap into their oil reserves in attempt to stabilize the market.

The post U.S. Gasoline Prices Are on the Rise Again appeared first on theprimarymarket.com.

Although U.S. gas prices are expected to peak in the summer and only decline around Labor Day, this has not been the case in 2022, with the White House taking several measures to reduce prices in the wake of the surge that followed the outbreak of the Russia-Ukraine conflict. In June, US gas prices skyrocketed to a peak of $5.02.

“More work remains, but prices are coming down, and the President will continue to call on domestic and international oil producers to increase output so that they can continue to come down,” White House spokesperson Karine Jean-Pierre remarked on the government’s efforts to suppress gasoline price hikes.

The White House plans to release 180 million barrels of crude oil from the U.S. Strategic Petroleum Reserve. Crude oil remains one of the main drivers of gas prices and is thus expected to assist in the suppression of high prices.

The price of crude oil on Wednesday was $92; a sharp decline from its peak price of $139.

The post U.S. Gasoline Drops Beneath $4 For The First Time Since March appeared first on theprimarymarket.com.

GasBuddy’s head of petroleum analysis Patrick De Haan believes the trend of price drops should continue in many parts of the U.S. in the future.

“We’re seeing big declines across many areas of the country, and that should continue,” De Haan said.

Andy Lipow, the founder of consulting firm Lipow Oil Associates, thinks there are too many unknowns to make any guarantees at the moment but sees reasons for optimism.

“That is a long time from now, and in between we have a Hurricane season and we have yet to see the impact of the European Union phased in ban of Russian oil purchases. But there is some reason for optimism,” Lipow explained.

A recent wave of high prices has dragged down gasoline consumption across the nation in recent weeks. The data shared by Energy Information Administration show a five percent year-on-year decline in gas demand. If the trend continues, there is no reason for prices not to continue downward trajectory.

Gas prices have surged past $5 in June, but things have been going for the better since early July. At the moment, a gallon is priced at $4.382 on average.

The post Experts Predict Gas Will Dip Under $4 Per Gallon by October appeared first on theprimarymarket.com.

The average gasoline price across the nation was $4.721 per gallon on Friday, which is 3.1 cents down from the $4.752 average the day before. This marks the biggest daily drop since 2008. According to the data from American Automobile Association (AAA), gas prices have been declining for the past 24 days, which is the longest streak since early 2020.

As expected, the dip in prices wasn’t reflected in all the states equally, as some had it better than others. For example, drivers in South Carolina and Georgia are paying $4.230 and $4.231 per gallon on average. On the other hand, car owners in California are still paying $6.145 for a gallon of gas.

Despite the positives, the experts predict that the challenging times are far from over. The prices of gasoline are still $1.58 higher than they were a year ago. The supply is also at its lowest seasonal level in seven years, and the expectations are that the problem will continue to persist in the coming months.

The post U.S. Gasoline Prices Record the Biggest Daily Drop Since 2008 appeared first on theprimarymarket.com.

According to American Automobile Association (AAA), the gas prices have dipped below $5 again and are now at a national average of $4.94. According to experts, the trend could continue in the coming weeks and get the national average down by 10 to 20 cents around the Fourth of July weekend.

However, Patrick De Haan, the head of petroleum analysis at GasBuddy, warns that this won’t be a sign of long-term relief. Instead, the gasoline prices could have an even bigger surge later in the summer.

“We still could see a super spike in gas prices later this summer, should a hurricane threaten Gulf Coast oil refineries or oil platforms,” said De Haan. “Motorists should know that while we may see small relief today, risks remain that prices could go up at a moment’s notice and set new records again.”

Drivers are currently paying the most for gas in California, where regular is $6.358 per gallon and diesel is $6.991 on average. The cheapest gas is in Georgia, where regular costs $4.439 per gallon and diesel is $5.526.

The post U.S. Gas Prices Fall Below $5, Could Go Lower in Coming Weeks appeared first on theprimarymarket.com.