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MPLX - MPLX LP News Story

$26.7 0.1  0.3%

Last Trade - 19/04/21

Sector
Energy
Size
Large Cap
Market Cap £19.80bn
Enterprise Value £35.50bn
Revenue £5.41bn
Position in Universe 455th / 6849

U.S. and Canadian natural gas prices soar during arctic blast

Thu 11th February, 2021 12:53pm
Feb 11 (Reuters) - Natural gas prices across North America soared to their highest in years on Thursday as 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 degrees Fahrenheit or zero degrees 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 degrees 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 turned negative as recently as October. When prices turn negative, it means some producers are paying other to take their gas. urn:newsml:reuters.com:*:nL1N2HA0CS That was before Kinder Morgan Inc's KMI.N 2.1-billion- cubic-feet-per-day (bcfd) Permian Highway and WhiteWater Midstream/MPLX LP's MPLX.N 1.8-bcfd Agua Blanca gas pipes in Texas entered service in January, which helped free up much of the gas trapped in the Permian shale region. urn:newsml:reuters.com:*:nL1N2JF0YY urn:newsml:reuters.com:*:nL1N2K71HB 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) ((scott.disavino@thomsonreuters.com; +1 332 219 1922; Reuters Messaging: scott.disavino.thomsonreuters.com@reuters.net))
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