(Bloomberg) -- U.S. natural gas futures fell, erasing earlier gains, as forecasts for warmer weather in the eastern half of the country point to easing domestic demand.
April gas futures settled 1.5% lower at $4.402 per million British thermal units on the New York Mercantile Exchange on Monday.
Earlier, the commodity rose as much as 4.8% on the prospect of higher overseas demand following tighter sanctions to isolate Russia, one of the world's top energy suppliers.
- Midday update to the Global Forecast System trended warmer in the eastern part of the nation with above average temperatures expected this weekend and again on March 7-12: NatGasWeather.com
- “While April '22 prices are now lower on the day, aided by bearish weather trends, we caution the Russia/Ukraine conflict could escalate further and could ultimately be more important than weather trends”: NatGasWeather.com
- Latest figures from BNEF:
- Lower 48 dry gas production ~93.6 bcf, or +2.5% y/y
- Lower 48 total gas demand ~92.5 bcf, or +29% y/y
- Dry gas exports to Mexico ~6.0 bcf, or +0.2% w/w
- Estimated gas flows to LNG export terminals ~12.6 bcf, or +19% w/w
- See WHUT for a map of latest 6-10 day weather forecast: NOAA
- Click WFOR for temperature forecasts, click Browse, then Energy Market Regions then US Lower 48 and then Update
- European Gas Rises as Sanctions Stoke Energy Supply Concerns
- LNG Buyers Pause Purchases From Russia on Sanction Uncertainty
- Shell Quits Russia Gas Ventures as Political Pressure Mounts (2)
Weather:
Gas Market News:
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