• Sign up for the Daily Digest E-mail
  • Facebook
  • Twitter
  • LinkedIn

BOE Report

Sign up
  • Home
  • Headlines
    • Latest Headlines
    • Columns
    • Discussions
  • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts
    • CAODC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
  • Industry Data
    • Canada Well Licences
    • USA Market Data
    • Data Subscription
  • Jobs

U.S. natgas futures end 2019 down 26%, biggest yearly decline since 2014

December 31, 20192:08 PM Reuters0 Comments

U.S. natural gas futures were nearly steady on Tuesday in line with weather forecasts, but the market finished 2019 with its biggest annual decline since 2014.

The contract posted a yearly fall of 25.5%, after ending 2018 nearly unchanged. It was one of the biggest decliners among commodities in 2019.

For the month, natural gas futures fell about 4%, their second straight monthly loss.

Front-month gas futures for February delivery on the New York Mercantile Exchange were up 0.3 cent, or 0.1%, to settle at $2.189 per million British thermal units (mmBtu), in thin volume ahead of the New Year’s holiday.

On Friday, the contract had slumped to its lowest level since Aug. 23 at $2.138 mmBtu.

“We are coming up to the last day of the year, so people are probably not that interested (in natural gas),” said Thomas Saal, senior vice president of energy at INTL FCStone, adding there is not much change in the moderate weather forecast from the previous day.

Data provider Refinitiv predicted 409 heating degree days (HDDs) over the next two weeks in the lower 48 U.S. states, compared with the 30-year average of 461, indicating warmer than normal temperatures.

Refinitiv also predicted demand, including exports, would fall to an average of 111.3 billion cubic feet per day (bcfd) this week from 112.4 bcfd in the prior week.

Traders noted prices have dropped nearly 25% from the eight-month high of $2.905 per mmBtu hit in early November, citing mild weather and expectations that inventories will still rise over the five-year average in coming weeks.

Near-record production enables utilities to leave more gas in storage, wiping away lingering concerns of supply shortages and price spikes during the winter.

Utilities pulled 161 billion cubic feet (bcf) of gas from storage during the week ended Dec. 20. That compares with a decline of 61 bcf during the same week last year and a five-year (2014-18) average reduction of 101 bcf.

Follow the BOE Report
  • Facebook
  • Twitter
  • LinkedIn
Sign up for the BOE Report Daily Digest E-mail
Latest Headlines
  • Whitecap Resources Inc. announces strong 2020 results, completes transformation to a leading light oil producer and provides 2021 budget
  • Baytex announces fourth quarter and full year 2020 financial and operating results and year end 2020 reserves
  • ‘A shiny toy’: The Alberta petrochemical complex at the heart of Brookfield’s Inter Pipeline bid
  • Oil rises after data shows slump in U.S. output amid Texas freeze
  • Distinction Energy Corp. announces closing of private placement

Return to Home
Alberta Gas
CAD/GJ
Market Data by TradingView





    Note: The page you are currently on will be sent with your report. If this report is about a different page, please specify.

    About
    • About BOEReport.com
    • In the News
    • Terms of Use
    • Privacy Policy
    Resources
    • App
    • Widgets
    • Notifications
    • Daily Digest E-mail
    Get In Touch
    • Advertise
    • Post a Job
    • Contribute
    • Contact
    • Report Error
    Featured In
    • CamTrader
    • Rigger Talk
    Data Partner
    • Foxterra
    BOE Network
    © 2021 Grobes Media Inc.