Despite multi-year low natural gas prices in the United States, domestic producers continue to be optimistic about the long-term prospects of gas as a fuel, both in America and abroad
. The current oversupply in the U.S. natural gas market is set to ease in the coming months as many operators are curtailing production in response to the February price slump, which saw prices tumble to a three-decade low. This month, the spot natural gas prices at the Waha hub in West Texas, in the Permian, have been negative, sinking to as low as -$1.16 per million British thermal units MMBtu on March 18, per EIA data.
natural gas producer, lowered earlier this year its production range guidance 'as a response to the price environment we're in and wanting to make sure there is flexibility,' CFO Jeremy Knop told the Q4 earnings call in February. 'The market is asking for not only production curtailments, but also activity reductions,' Knop said. As a result, gas production fell last week by 0.2%, compared to the previous week, to average 101.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Israel's Gas Exports to Egypt Soar Despite Political TensionsDespite political tensions, Egypt's natural gas imports from Israel surged in 2023, with both countries expecting economic benefits from the expanded deal.
Read more »
Paddock optimistic as Marc Marquez “restrains himself” on Ducati debutMarc Marquez will be pleased with first MotoGP round on a Ducati after finishing 18 seconds ahead of the best Honda
Read more »
Ozempic maker 'very optimistic' after revealing new weight loss pill twice as effective as existing jabsThe maker of the weight loss drugs Ozepmic and WeGovy has revealed a new pill for weight loss that’s twice as effective as its existing jabs.
Read more »
US Congress optimistic about aid bill for Ukraine, says justice ministerMembers of both chambers of US Congress have given a 'quite optimistic' outlook on the passage of a bill containing aid for Kyiv, Ukraine's justice minister has said. A $95bn (£74.3bn) security package predominantly including support for Ukraine has been stalled for months over pushback by conservatives. The US last night announced a separate new military aid package for Ukraine worth $300m, but Joe Biden warned it was not enough.
Read more »
Ferrari optimistic about closing the gap to Red BullFerrari team principal Fred Vasseur believes that closing the performance gap to Red Bull is not impossible, despite their dominance in the first two races of the season.
Read more »
Vasseur “optimistic” on Sainz F1 return ahead of decision next weekFerrari Formula 1 boss Fred Vasseur is “optimistic” that Carlos Sainz will be able to return to the cockpit for the Australian GP, with a decision to be taken next week.
Read more »