Global natural gas prices found support from signs of stronger demand, ANZ Bank said in a Friday note.North Asian liquefied natural gas spot prices gained amid buyers' efforts to counter power shortages forecast for the summer, the bank noted.Risks of supply disruptions also remain, creating an urgency to snap up spot LNG cargoes, ANZ Bank said US Natural Gas Spot Prices, Demand Decline, EIA Reports
Apr 19, 202404:11 MDT
US natural gas spot prices fell at most locations in the week ended April 17, with the benchmark Henry Hub spot price dropping US$0.38 to US$1.50 per million British thermal units (MMBtu) week over week, the US Energy Information Administration reported on Thursday.
US natural gas demand dropped 11% week-over-week, driven largely by lower residential and commercial sector consumption, the EIA said.
Weekly average front-month futures prices for liquefied natural gas cargoes in East Asia rose US$0.62 to US$10.19/MMBtu, the EIA reported, citing data from Bloomberg Finance. European benchmark Title Transfer Facility gas futures also increased US$1.15 to US$9.73/MMBtu.
US natural gas supply declined 1.5% from the previous week, driven by lower dry gas production and net imports from Canada, the agency said, citing data from S&P Global Commodity Insights.
Net injections into storage amounted to 50 billion cubic feet (Bcf) for the week ended April 12, resulting in working gas stocks of 2,333 Bcf, the agency noted. This was 622 Bcf more than the five-year average and 424 Bcf more than the year-ago period.