Natgas firms fall on less cold forecasts, lower heating demand

Range Resources

27/11/2024 18:16

** 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))