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Global NatGas Prices Sink As Warm Weather Spreads
Global NatGas Prices Sink As Warm Weather Spreads
US and European natural gas prices are sliding as warmer weather reduces demand for the heating fuel, and storage levels remain high. Risks of a global energy crisis are diminishing for now — well — that’s until the next cold blast strikes.
The polar vortex that sent much of the Lower 48 into a deep freeze at the end of 2022 ended last week. Now, much of the US will see warmer-than-normal temperatures through mid-Jan.
The National Oceanic and Atmospheric Administration’s latest 6-10 Day Temperature Outlook shows that nearly all Lower 48 will experience above-average weather.
NOAA’s 8-14 Day Temperature Outlook suggests the same.
Weather data via Bloomberg shows Lower 48 temperatures are expected to remain above a 30-year average through mid-month.
And this will reduce heating demand.
US NatGas storage entered into a drawing period in mid-Nov. and has been sliding since.
A weaker heating demand outlook has sent US NatGas prices down nearly 9% to $4.062 per million British thermal units on the New York Mercantile Exchange in early Tuesday trading. Prices are back to levels not seen since early February 2022.
Across the Atlantic, EU NatGas touched the lowest levels since the start of the Ukraine war.
“The risk of extreme market tightness that people were worried about before the winter started seems low now,” BloombergNEF’s Abhishek Rohatgi wrote.
Warmer weather in Europe has eased concerns about blackouts and rationing as stockpiles increase:
In fact, Europe has been able to add more gas into storage in the last few days amid a mix of curbed heating needs and typically lower consumption during the holiday season. -Bloomberg
EU NatGas storage increased last week.
Temperatures across Central EU are expected to hold above seasonal levels through at least the mid-month.
Sign of relief worldwide: NatGas prices slide in the US, EU, and Asia.
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East Coast Celebrates Christmas With Warmest Weather On Record
East Coast Celebrates Christmas With Warmest Weather On Record
It was just 10 months ago that Boston smashed its all time snowfall record, and the US was blanketed in freezing weather from west to east as the Polar Vortex unleashed cold air for the second year in a row. It was so cold, the GDP report for the winter period had to be double-seasonally adjusted as the sharp economic slowdown, which was blamed on the “harsh weather”, simply did not make sense otherwise.
Fast forward to today when according to AccuWeather, Christmas felt more like Memorial Day across much of the eastern United States as temperatures rose between 20 and 35 degrees above average and 5-15 degrees above previous record highs.
While unlikely that it was the hottest Christmas ever – temperature recordings only go so far – records were broken all along the Eastern Seaboard, from the Southeast to New England with some areas breaking their previous record high by more than 10 degrees F. Some records were broken from the 1800s.
The highs that occurred on Thursday are more typical of late spring and early summer.
More from AccuWeather:
“One of the most impressive records on Christmas Eve occurred in Burlington, Vermont, when the city set their all-time December high temperature,” AccuWeather Meteorologist Brian Lada said.Burlington rose to 68 F on Christmas Eve, 17 degrees higher than the previous record of 51 F set in 1957. The all-time warmest day prior to Thursday in Burlington was on Dec. 7, 1998 and Dec. 5, 1941 when it reached 67 F.
As a result of the warm weather, the entire Northeast was left without a white Christmas. The only location which saw at least an inch of snow accumulation on the ground on Christmas was across northern Maine. “Records also fell all along the Interstate 95 corridor from Boston through Washington, D.C.,” Lada said.
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