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MPLX - MPLX LP News Story

$26.73 0.3  1.3%

Last Trade - 15/04/21

Sector
Energy
Size
Large Cap
Market Cap £20.11bn
Enterprise Value £36.03bn
Revenue £5.49bn
Position in Universe 455th / 6851

UPDATE 1-U.S. and Canadian natural gas prices soar during Arctic blast

Thu 11th February, 2021 1:47pm
(Adds output reductions from freezing wells) Feb 11 (Reuters) - Natural gas prices across North America soared to their highest in years on Thursday as freezing wells cut output and homes and businesses crank up their heaters to escape the arctic blast moving from Canada to the eastern half of the United States. "The weather pattern is beginning to sound like a broken record for many residents of the eastern half of the U.S. as snowy and cold weather shows no signs of letting up anytime soon," meteorologists at AccuWeather said. High temperatures in Chicago were expected to remain below freezing (32 Fahrenheit or zero Celsius) from Feb. 5-21 with the coldest weather set to come this weekend when overnight lows plunge to -6 F on Sunday, AccuWeather said. The normal high in the city at this time of year is 34 F. That cold air will move to the East Coast over the next day or two where it could drop up to six inches (15.2 centimeters) of snow on parts of Pennsylvania, West Virginia and Maryland. Next-day gas for Thursday rose to its highest since January 2018 at the Waha hub NG-WAH-WTX-SNL in the Permian basin in Texas where prices had turned negative as recently as October. urn:newsml:reuters.com:*:nL1N2HA0CS Data provider Refinitiv said output in the Lower 48 U.S. states was on track to drop to a preliminary 87.2 billion cubic feet per day (bcfd) on Thursday from 88.9 bcfd on Wednesday, the lowest since late October. Energy traders said wellhead freeze-offs in many regions were likely the cause of that decline, including losses of around 0.9 bcfd along the Gulf Coast, 1.0 bcfd in the Midcontinent and 0.1 bcfd in the Rockies. One billion cubic feet is enough gas to supply about five million U.S. homes for a day. Spot prices in other regions, meanwhile, soared to their highest since March 2019, including the AECO hub NG-ASH-ALB-SNL in Alberta, Dominion South NG-PCN-APP-SNL in southwest Pennsylvania, Chicago NG-CG-CH-SNL and the U.S. Henry Hub benchmark NG-W-HH-SNL in Louisiana. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ New York denies PA-NY Williams Northeast Supply natgas pipe urn:newsml:reuters.com:*:nL1N2CX2R9 UPDATE 2-National Grid to pay $36 mln and lift natgas moratorium after NY settlement urn:newsml:reuters.com:*:nL8N28548Y N.Y. governor threatens to revoke National Grid's natgas certificate urn:newsml:reuters.com:*:nL2N27S1I3 U.S. FERC denies NFG request for more time for PA-NY natgas project urn:newsml:reuters.com:*:nL1N2II25Z North America has enough power for winter, but fuel concerns persist urn:newsml:reuters.com:*:nL1N2IB1KS Kinder Morgan Texas Permian Highway natgas pipeline enters service urn:newsml:reuters.com:*:nL1N2JF0YY FACTBOX-U.S. new natural gas pipeline projects urn:newsml:reuters.com:*:nL1N2K71HB Texas Waha natgas prices drop to negative on weak demand urn:newsml:reuters.com:*:nL1N2HA0CS ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Scott DiSavino; editing by Chizu Nomiyama and Jason Neely) ((scott.disavino@thomsonreuters.com; +1 332 219 1922; Reuters Messaging: scott.disavino.thomsonreuters.com@reuters.net))
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