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By Julian Hast
US natural gas futures ended higher as intense and long-lasting heat in Texas pushed consumers to crank up their air-conditioners, putting pressure on gas-fired power generators and the electricity grid.
High temperatures in Houston from Aug. 20-23 are expected to average 100F (38C), up by 5F from the seasonal norm, according to commercial forecaster AccuWeather. Peak load on the Electric Reliability Council of Texas power grid could set a new record this week driven by high temperatures, particularly as wind generation subsides, Eli Rubin, senior energy analyst at EBW Analytics Group, wrote in a note to clients Tuesday.
- Futures for September delivery settled +8.6c, or +3.2%, to $2.776/mmbtu on Nymex
Weather:
- Forecasts shifted hotter, with above-average temperatures expected across the West and South through Sept. 1: Commodity Weather Group
Daily BNEF Gas Data:
- Lower-48 dry gas production on Tuesday ~112.5 bcf/day, or +2.6% y/y
- Lower-48 total gas demand on Tuesday ~83.3 bcf/day, or +2.8% y/y
- Dry gas exports to Mexico on Tuesday ~8.0 bcf/day, or -4% w/w
- Estimated gas flows to LNG export terminals on Tuesday ~17.7 bcf/day, or +2.2% w/w
Gas Market News:
- Oracle Data Center’s Pipeline Plan Is Rerouted After Rejections
- Veteran Texas Gas Trader Leaves Energy Transfer After 23 Years
- European Gas Edges Higher as Hormuz Peace Prospects Recede
- Natural Gas Deliveries to US LNG Export Terminals: BNEF
This story was produced with the assistance of Bloomberg Automation.
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