RE:RE:RigsLimit on how much USA can get to Europe. only so many LNG ports in borth usa and europe.
And other problem right now is inventory numbers are quite high in USA, Europe and Asia. Warmer than normal not just in North America.
In 2022 a cold usa december helped ease things from hugh usa production.
But right now a double whammy of high usa ng production plus lower than normal heating demand due to warmer temps. increbily warm in key is ng consuming cities.
Not sure why NG is up in late sunday trading but I expect pressure on prices tomorrow for nymex.
Plus 8 on xmas day is forecasted for Chicago. Too warm. Nymex is going to be under 2.50 or even 2.25 range or lower until cold temps hit.
Right now January is supposed to be at least normal cold but that needs to come true.
And lower natural gas prices will eventually start to chip away at oil demand...certain petrochemicals will shift to NG feedstock, next summer more NG versus oil for back up power generation, etc.
Not good for oil to have NG so low...downward pressure.
NG use is going to start to go up but some of it will be an expense of oil.Diesel and oil should not be burned for power generation with NG this low.
And Europe countries will be able to drop electricty prices next year to help ev s as gasoline is getting cheaper in 2024 in all likelyhood.