leveled off 3.5% yesterday at 375.4 as seasonally colder weather and record exports of liquefied natural gas (LNG) occurred. This US price hike came despite a 6% decline in European gas prices, near-record US gas production, and healthy US supplies for the winter. The US Energy Information Administration said utilities put 26 billion cubic feet (bcf) of gas into storage for the week ending Nov. 12 this week, as governments there owned Russian gas company Gazprom (MCX:
) PAO may not provide enough fuel for this winter. These concerns arose after the German energy regulator suspended the approval process for Gazprom’s Nord Stream 2 gas pipeline from Russia to Germany. Global gas prices have hit record highs in recent months as utilities around the world vie for LNG cargoes to replenish extremely low inventory levels in Europe and meet insatiable demand in Asia, where energy shortages have led to blackouts in China. Data provider Refinitiv said production in the lower 48 states so far averaged 96.0 billion cubic feet per day (bcfd) as of November, up from 94.1 billion cubic feet in October and the monthly record of 95.4 billion cubic feet per day Day of November 2019. Short coverage as the market saw open interest fall -26.79% to 2596 while prices rose 12.7 rupees seen at 384, an upward move could result in that prices test 392.5. Trading ideas: # The trading range for natural gas for the day is between 351.5 and 392.5. # Natural gas rose with the seasonally colder weather and record for liquefied natural gas (LNG) exports. # This rise in US prices came despite a 6% decline in European gas prices, near-record US gas production, and healthy US supplies for the winter # According to the EIA, utilities got 26 billion cubic feet (bcf) of gas during the week ended November 12th. T he us.
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