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Natural Gas Rose On Forecasts For Higher Demand Over The Next Two Weeks.
Natural gas prices saw a notable uptick of 1.45%, settling at 146.5, driven by forecasts of higher demand over the next two weeks. This increase in demand comes amidst a backdrop of reduced output, with several energy firms scaling back drilling activities and delaying well completions, leading to a 3% decrease in output over the past month. In addition to supply-side dynamics, the spot market witnessed mild weather conditions and ample renewable power supplies in the US West, contributing to record-low electric prices in California and Arizona. Despite these favourable conditions, US utilities withdrew 36 billion cubic feet (bcf) of gas from storage during the week ended March 22, surpassing market expectations and highlighting sustained demand.
