{"id":61486,"date":"2023-09-15T15:14:29","date_gmt":"2023-09-15T19:14:29","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/natural-gas-up-on-week-break-from-mid-2-still-looks-hard\/"},"modified":"2023-09-15T15:14:31","modified_gmt":"2023-09-15T19:14:31","slug":"natural-gas-up-on-week-break-from-mid-2-still-looks-hard","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=61486","title":{"rendered":"Natural gas up on week; break from mid-$2 still looks hard"},"content":{"rendered":"
\n

Investing.com – rose on the week, spurred by higher power burns in the United States for this time of year as late-night prodded Americans to crank up the cooling at home despite fall weather being just about a week away.<\/p>\n

But the market\u2019s nexus with mid-$2 pricing seemed a difficult bond to break.<\/p>\n

At Friday\u2019s close, the most-active October gas contract on the New York Mercantile Exchange\u2019s Henry Hub settled at $ $2.6440 per mmBtu, or million metric British thermal units \u2014 down -6.4 cents, or 2.4% on the day.<\/p>\n

For the week, October gas was up 3.9 cents, or 1.5%.<\/p>\n

Power burns \u2014 a major determinant of natural gas pricing \u2014 totaled 42.1 billion cubic feet per day for the Sept. 8-14 week, up 6.3 bcf\/d for the comparative week of a year ago.<\/p>\n

For Sept. 14 alone \u2014 the last available day for reading \u2014 the power burn was up 6 bcf\/d, standing at 39.8 versus the year ago reading of 33.8.<\/p>\n

The surge in power burns was the clearest indication yet that lingering warmth from the waning days of summer was still helping drive consumption of natural gas, said analysts.<\/p>\n

Notwithstanding that bullish factor, the biggest weight on the market remained concerns that production could ramp up again with this year\u2019s drop in gas rigs \u2014 which indicate future output \u2014 seeming to have bottomed out. Natural gas rigs rose by eight in the latest, data from energy services firm Baker Hughes showed.<\/p>\n

\u2014 often the ultimate driver of pricing \u2014 remained up 16% on the year at 3.205 trillion cubic feet, despite a blistering summer of power burns.<\/p>\n

The two have kept the Henry Hub\u2019s most-active contract not far from the mid-$2 level which natural gas has been stuck at since the start of 2023 \u2014 with the occasional run to $3 or thereabout.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com – rose on the week, spurred by higher power burns in the United States for this time of year as late-night prodded Americans to crank up the cooling at home despite fall weather being just about a week away. But the market\u2019s nexus with mid-$2 pricing seemed a difficult bond to break. At Friday\u2019s […]<\/p>\n","protected":false},"author":1,"featured_media":13686,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-61486","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nNatural gas up on week; break from mid-$2 still looks hard | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com - rose on the week, spurred by higher power burns in the United States for this time of year as late-night prodded Americans to crank up the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=61486\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Natural gas up on week; 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