BUZZ-Natgas firms fall on less cold forecasts, lower heating demand

Reuters
2024-11-28
BUZZ-Natgas firms fall on less cold forecasts, lower heating demand

** Shares of natural gas companies down, as natgas futures fall about 6.6% NGA/

** U.S. natgas prices NGc1 down 6.6% at $3.24 per mln British thermal units, on rising output and forecasts for less cold weather and lower heating demand over the next two weeks than previously expected

** However in spot market, several benchmarks rose to their highest since January in Louisiana, New york, Chicago and Pennsylvania due to the coming of wintry weather

** Biggest natgas producer in the U.S., Expand Energy EXE.O down ~0.6%

** Other producers such as Range Resources RRC.N falls ~2.1%, EQT Corp EQT.N loses 1.4% and CNX Resources CNX.N down 0.7%

** ETFs - United States Natural Gas Fund UNG.P dips 7.3% and ProShares Ultra Bloomberg Natural Gas BOIL.P down 14.5%

** Meanwhile, federal regulators gave Cheniere Energy LNG.N permission to introduce natural gas into its Corpus Christi expansion project

** Shares of firms dealing with liquid natural gas like New Fortress Energy NFE.O rose 3.9%, Energy Transfer ET.N gained 2.2%, and Sempra SRE.N rose 1.5%

(Reporting by Seher Dareen in Bengaluru)

((Seher.Dareen@thomsonreuters.com))

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