Natural Gas Falls But On Track for Small 3Q Rise - The Wall Street Journal
Natural Gas Falls But On Track for Small 3Q Rise - WSJ
Sept. 29, 2023 9:29 am ET
0825 ET – Natural gas slips 0.9% to $2.920/mmBtu but is still on course to finish with a 4.4% rise for the quarter. It would mark a second consecutive quarterly rise after prices jumped 26% in 2Q. The natural gas market is still in a recovery phase after prices collapsed by a stunning 50% in 1Q23 when a mild winter and weak U.S. manufacturing caused demand to drop just as production was surging to record-highs above 102 billion cubic feet per day. Gas output has kept rising and is now around 103-bcf per day, but demand has regained strength due to an excessively-hot summer in top gas-consuming state Texas, and decades-low wind speeds that have forced power generators to lean more heavily on natural gas. ( dan.molinski@wsj.com)
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