Investing.com – fell today after a holiday weekend that saw spot prices rise across much of the US due to extremely cold weather. Despite the cold snap, freezes at 6-8 Bcf/d were not as severe as expected. which could cause physical prices to drop quickly, according to a note from Eli Rubin of EBW Analytics.
Rubin suggests a bearish outlook for the week ahead due to the forecast of milder weather in February and a rebound in supply. However, he also notes that bullish technicals and significant numbers from the Energy Information Administration (EIA) could make for a turbulent decline. The Nymex front month saw a decline of 3.6% and is now at $3,807/mmBtu.
In other energy news, former President Trump lifted a moratorium on new export licenses for liquefied natural gas (LNG) after his inauguration and urged the European Union (EU) to increase purchases of U.S. oil and gas to avoid tariffs.
A recent report from the International Energy Agency expects a more than 15% increase in European LNG imports this year. This increase is attributed to a decrease in Russia’s piped gas supply and increased demand.
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