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☆ The charts indicate a long-term turnaround underway in natural gas. Here's a stock to play it
▼ + stars: | 2024-05-20 | by ( Katie Stockton | ) www.cnbc.com time to read: +7 min

Natural gas futures have cleared their 200-day moving average and appear to have entered a long-term basing process. Given the potential for a long-term turnaround phase in natural gas prices, we were drawn to the energy sector as a source of potential long-term stock opportunities. Secondary resistance for natural gas comes from a Fibonacci retracement level near $3.50/MMBtu. How to play it One of the natural gas-related stocks that sets up well from a technical perspective is Cheniere Energy (LNG) , which is a provider of liquified natural gas. Fairlead Strategies Disclaimer: This communication has been prepared by Fairlead Strategies LLC ("Fairlead Strategies") for informational purposes only.

Persons: Katie Stockton Organizations: Energy, Fairlead, CNBC Pro, Securities

☆ Bill Gross says this income play is ‘Better than AI.’ How you can get in on it
▼ + stars: | 2024-04-09 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

Energy prices are surging, and an income-oriented play is getting some love from legendary investor Bill Gross. Better than AI," noting that these master limited partnerships have climbed by double-digits in the past 12 months. MLPs offer investors a way to bet on the exploration, transport and processing of oil and gas. Though the partnership isn't subject to federal income tax, the limited partners face taxes on the income they collect. That means MLP investors could find themselves going on extension to file returns: In that case, they could file their returns as late as Oct. 15.

Persons: Bill Gross, Gross, Stephen Ellis, Ellis Organizations: West Texas, Brent, American Pipeline, NuStar Energy, Morningstar, midstream, Enterprise Products Partners, Targa Resources, Energy, Partners, . Gas, . Enterprise Products, MLP Locations: Asia

☆ US natgas prices drop 7% on record output, mild weather
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +3 min

Front-month gas futures for December delivery on the New York Mercantile Exchange fell 25.1 cents, or 7.1%, to settle at $3.264 per million British thermal units (mmBtu), their lowest close since Oct. 27. One bearish factor that has weighed on the futures market for most of this year has been lower spot or next-day prices at the Henry Hub benchmark in Louisiana. The spot market has traded below front-month futures for 176 out of 212 trading days so far this year, according to data from financial firm LSEG. That premium could encourage some speculators to leave gas in storage for longer in hopes of higher prices later in the winter. With seasonally colder weather coming, LSEG forecast U.S. gas demand in the Lower 48 states, including exports, would jump from 101.5 bcfd this week to 109.2 bcfd next week.

Persons: El, Gelber, LSEG, Scott DiSavino, Bernadette Baum, Josie Kao Organizations: El Nino, Associates, U.S . Energy Information Administration, New York Mercantile Exchange, Henry, Thomson Locations: Louisiana, contango, U.S

☆ Israel’s fossil fuel boon becomes less clear-cut
▼ + stars: | 2023-10-19 | by ( Yawen Chen | ) www.reuters.com time to read: +5 min

LONDON, Oct 19 (Reuters Breakingviews) - Israel’s growing gas sector has a significance that extends east and west. Analysts at Israel’s Bank Leumi had estimated that exports would jump to at least 11 bcm this year. Israel’s 1,087 bcm of gas reserves in 2022 yielded 21 bcm of production, of which 9 bcm was exported, with a doubling of exports to Israel’s main market, Egypt. Still, Israel’s gas sector has gone from a helping hand to a potential headache. Follow @ywchen1 on XCONTEXT NEWSDutch TTF Natural Gas Futures, Europe’s benchmark gas index, were trading at 48 euros per megawatt hour as of 0823 GMT on Oct. 19.

Persons: –, Yair Lapid, Israel’s Bank Leumi, It’s, NewMed, Abraham, Gaza’s, Isabel Dotzenrath, George Hay, Streisand Neto Organizations: Reuters, United, United Arab Emirates, Israel’s Bank, LNG, Abu, Abu Dhabi National Oil Company, NewMed Energy, Abraham Accords, BP, Natural Gas Futures, Intercontinental Exchange, Chevron, Mediterranean Gas, Oil, Energy, Thomson Locations: United Arab, Israel, Europe, Russia, Egypt, Brussels, Abu Dhabi, Ahli, ’, Jihad, Gaza, Jordan, Denver

☆ Our top 5 stocks of October so far as Wall Street rebounds from a September slump
▼ + stars: | 2023-10-17 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +6 min

After a rough September, October has so far been much more kind to stocks and has helped Wall Street cut into some of its third-quarter losses . FL mountain 2023-09-29 Foot Locker's stock performance so far in October. LLY mountain 2023-09-29 Eli Lilly's stock performance so far in October. PANW mountain 2023-09-29 Palo Alto's stock performance so far in October. HUM mountain 2023-09-29 Humana's stock performance so far in October.

Persons: Dow, Locker, Foot, Jim Cramer, Eli Lilly's, Eli Lilly, Jim Cramer's, Jim, Angela Weiss Organizations: Dow Jones, Nasdaq, Nike, Novo Nordisk, Palo Alto Networks, Nvidia, Johnson Controls, Palo Alto, Coterra Energy, Exxon Mobil, Club, Natural Resources, Humana, UnitedHealth, CNBC, New York Stock Exchange, Wall, AFP, Getty Locations: Alto, Israel, U.S, New York City

☆ Israel ordered Chevron to shut down a major natural gas field, which could send prices spiking further just before winter
▼ + stars: | 2023-10-11 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Israel told Chevron to shut down a major natural gas field, and it's threatening to further spike prices of the fuel. The world's natural gas market has already been rocked by the war in Ukraine and threats of a strike in Australia. Some Israeli gas from Tamar is exported to Egypt, which processes the fuel into LNG that's exported to the EU. AdvertisementAdvertisementBrace for bad news ahead of winter: Natural gas prices could spike as energy giant Chevron halted operations at a major Israeli gas field following orders from authorities. Dutch TTF natural gas futures closed 12.5% higher at 49.455 a megawatt-hour on Tuesday.

Persons: Israel, —, Tamar, Israel isn't, Chevron, It's, Gergely Molnar Organizations: Chevron, EU, Service, Energy, Bloomberg, International Energy Agency, P Global Locations: Ukraine, Australia, Tamar, Egypt, Israel, Houston, Europe

☆ Here's how the Club's energy stocks are responding to oil's move higher on geopolitical risk
▼ + stars: | 2023-10-09 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +5 min

To be sure, even with Monday's advance, oil prices remain well off their late September peaks. In addition to receiving a lift from crude's gain, Coterra is benefiting from the continued strength in natural gas. On Monday, natural gas futures rose another 1%, to around $3.37 per million British thermal units. Last week, natural gas surged 14% to reach its highest price since late January. The stock's massive outperformance Friday means that any financial benefit Pioneer would receive from Monday's higher oil prices was already captured in the session prior.

Persons: Morgan Stanley, Israel, Brent, WTI, John Kilduff, Jim Cramer, Jim, Pioneer's, CNBC's David Faber, Exxon's, Jim Cramer's, Richard Eden Organizations: Hamas, Natural Resources, Coterra Energy, West Texas, Brent, Gaza, CNBC, Energy, State Street Global Advisors, P Oil & Gas Exploration, Production, Exxon Mobil, Journal, Club, Exxon, Denbury Inc, Silhouette, Getty Locations: Palestinian, Israel, U.S, Palestinian Territories, Houston, Midland , Texas

☆ Chevron workers at key LNG facilities in Australia vote to restart strikes
▼ + stars: | 2023-10-06 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +3 min

London CNN —Union members have voted to restart industrial action at Chevron’s liquefied natural gas facilities in Australia, threatening renewed strikes that could disrupt about 7% of global LNG supply. In the past days, the Offshore Alliance had been working with Chevron (CVX) to finalize the agreements, the alliance said in the statement. In Europe, the threat of strikes in Australia had caused a series of spikes in natural gas prices since August. “Persistently high and volatile gas prices will erode European competitiveness, [which is] a longer-term risk,” the credit rating agency wrote. “Gas prices will remain higher in Europe than elsewhere, making energy-intensive sectors like chemicals less competitive.”

Persons: Brad Gandy, “, Wheatstone, Daniel Toleman, Wood Mackenzie, “ It’s, ”, Alex Froley, Russia —, Moody’s Organizations: London CNN — Union, Offshore Alliance, Chevron, Commission, Enterprise, CNN, Fair, ” Workers Locations: Australia, Europe, Russia, Ukraine, Norway, LNG, United States, Qatar, Moscow

☆ Here are all the portfolio moves the Club made in this week's oversold market
▼ + stars: | 2023-10-06 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +7 min

With the stock market deeply oversold this week, we put cash to work by picking stocks across a range of sectors including energy, technology and materials. With the market oversold, per the S & P 500 Short Range Oscillator , our investment discipline called for us to search for any dislocations within the portfolio. Tech stocks remained under pressure Tuesday afternoon, giving us an opportunity to buy 7 shares of Broadcom and lower our cost basis. But stocks returned to the red Thursday, and the market remained firmly in oversold territory. However, the market reversed course in midday trading, with all three major U.S. stock benchmarks trading sharply higher.

Persons: chipmaker, we've, –, Corona –, Jim, Elliott, We'd, Jim Cramer's, Jim Cramer, Spencer Platt Organizations: Coterra Energy, Devices, Broadcom, Starbucks, AMD, Tech, VMWare, Management, Wall, DuPont de Nemours, Oracle, Constellation Brands, DuPont, Modelo, Corona, Constellation, Elliott Management, U.S . Labor Department, Humana, CNBC, New York Stock Exchange, Getty Locations: China, oversold, ORCL, New York City

☆ Here's why Jim Cramer is not worried about a big Wall Street downgrade of Apple shares
▼ + stars: | 2023-10-04 | by ( Jeff Marks | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. That timing is important to us, with Jim Cramer saying he's not worried about analyst downgrade after a high-quality stock like Apple has been experiencing a drawdown for months. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, —, That's, Dow Jones, he's, We're, Jim, he'd, Jim Cramer's Organizations: CNBC, Nasdaq, Dow Jones, ADP, U.S, Apple, Coterra Energy, Texas Locations: U.S

Hedge funds and other money managers purchased the equivalent of 19 million barrels in the NYMEX and ICE U.S. crude (WTI) futures and options contracts over the seven days ending on August 29. Bearish short positions in the premier NYMEX WTI contract had been reduced to just 49 million barrels, down from 136 million. Total commercial crude inventories had fallen into line with the prior ten-year average on August 25 while stocks at Cushing had depleted to almost 30% below the average. Hedge fund managers have been trying to get bullish towards U.S. gas prices, and the inventory surplus inherited from 2022 has been shrinking. Related columns:- Depleting U.S. crude inventories lift oil prices (August 31, 2023)- Prospect of strong El Niño weighs on U.S. gas prices (August 30, 2023)- Crude oil prices stalled as hedge funds sold (August 29, 2023)John Kemp is a Reuters market analyst.

Persons: Richard Carson, John Kemp, Mike Harrison Organizations: Department of Energy, Strategic Petroleum Reserve, REUTERS, ICE, Cushing, U.S . diesel, U.S . Commodity Futures Trading Commission, Thomson, Reuters Locations: Freeport , Texas, U.S, Cushing, Oklahoma, Brent, Washington, Illinois, Maine

☆ US LNG projects win higher processing fees as interest rates climb
▼ + stars: | 2023-08-30 | by ( Curtis Williams | ) www.reuters.com time to read: +3 min

Snow covered transfer lines are seen at the Dominion Cove Point Liquefied Natural Gas (LNG) terminal in Lusby, Maryland March 18, 2014. REUTERS/Gary Cameron/File Photo Acquire Licensing RightsHOUSTON, Aug 30 (Reuters) - Long-term buyers of U.S. liquefied natural gas (LNG) are willingly agreeing to higher liquefaction fees at newer export projects, according to analysts and developers familiar with the matter. The U.S. emerged in 2022 as the world's second largest LNG exporter on plentiful supplies of natural gas and relatively low processing costs per metric ton of LNG. But rising interest rates and higher construction costs have pushed up liquefaction fees, also known as tolling fees. Other developers are turning to increased equity investment in new projects to reduce the impact of higher interest rates on finance costs, said Poten's Feer.

Persons: Snow, Gary Cameron, Lyle Hanna, Jason Bennett, Baker Botts, Bennett, it's, Jason Feer, NextDecade, Feer, Poten's Feer, Curtis Williams, Marguerita Choy Organizations: REUTERS, Rights, Commonwealth LNG, LNG, U.S, Henry, Poten, Partners, Reuters, of Fossil Energy, Carbon Management, Cheniere Energy, Thomson Locations: Lusby , Maryland, U.S, Ukraine, Rio Grande, Houston

☆ Morning Bid: A sticky inflation situation
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +5 min

With a relentless set of rate hikes, the Federal Reserve has managed to drive consumer price increases down to 3%, from last June's 9.1%. The Atlanta Fed compiles an index of core sticky consumer prices - goods or services for which the cost changes far more slowly. Reuters GraphicsLine chart with data from the Bureau of Economic Analysis and Federal Reserve shows PCE inflation slowed to 3% year-on-year in June, while core PCE inflation also eased to 4.2%. Chart shows economists polled by Reuters expecting the U.S. consumer price index to have increased 0.2% in July 2023 from the previous month, the same pace as June 2023. * Federal Reserve Bank of Atlanta President Raphael Bostic gives welcome remarks at a webinar, 1500 EDT/1900 GMT.

Persons: Brendan McDermid, Amanda Cooper, they're, Mary Daly, Raphael Bostic, Tomasz Janowski Organizations: New York Stock Exchange, REUTERS, Federal Reserve, American Automobile Association, Federal Reserve Bank, Cleveland, Atlanta Fed, Reuters Graphics, Reuters, Federal Reserve Bank of San Francisco, Yahoo Finance, Federal Reserve Bank of Atlanta, Thomson Locations: New York City, U.S, Manheim

REUTERS/Mike Segar/File PhotoLONDON, Aug 7 (Reuters) - Crude oil prices continued to climb as Saudi Arabia’s decision to extend its unilateral production cuts and signs of decelerating inflation and a soft landing in the United States improved sentiment among investors. The total position climbed to 563 million barrels (46th percentile for all weeks since 2013) on Aug. 1, up from just 282 million barrels (5th percentile) on June 27. The most recent week saw a significant number of new bullish long positions initiated (+37 million barrels) as well as former bearish shorts closed out (-14 million). If implemented in full, extra cuts announced by Saudi Arabia and Russia would remove a further 115 million barrels from the market between July and September. In the most recent week, funds were buyers of European gas oil (+20 million barrels), Brent (+19 million), U.S. gasoline (+6 million), U.S. diesel (+4 million) and NYMEX and ICE WTI (+3 million).

Persons: Mike Segar, Brent, John Kemp, Mark Potter Organizations: Bayway, REUTERS, ICE Futures, U.S . Commodity Futures Trading Commission, Petroleum, Traders, U.S ., ICE, U.S . diesel, U.S, Thomson, Reuters Locations: Phillips, Linden , New Jersey, U.S, Saudi, United States, Saudi Arabia, Russia, Ukraine

☆ Berkshire Hathaway takes control of LNG facility as Buffett ups bet on energy infrastructure
▼ + stars: | 2023-07-11 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Berkshire Hathaway Energy has agreed to purchase a 50% stake in the Cove Point liquefied natural gas facility for $3.3 billion in cash. Warren Buffett's big energy and utility division bought the stake from Dominion Energy and will now own a 75% limited partnership stake in Cove Point LNG located in Lusby, Maryland. The Cove Point LNG Terminal has a storage capacity of 14.6 billion cubic feet and a daily send-out capacity of 1.8 billion cubic feet. Berkshire Hathaway first bought a stake in Dominion's gas pipeline and storage assets for $4 billion in 2020. Abel is now vice chairman for noninsurance operations at Berkshire Hathaway and the successor to the 92-year-old "Oracle of Omaha."

Persons: Warren Buffett's, Bill Stone, Buffett, Berkshire Hathaway, Greg Abel, Tom Farrell, Abel, Stone Organizations: Berkshire Hathaway Energy, Dominion Energy, Brookfield Infrastructure Partners, Glenview Trust, Sumitomo Corp, CNBC, Berkshire Hathaway, Oracle, Occidental Petroleum, Chevron Locations: Point, Lusby , Maryland, Berkshire, U.S, Glenview, Omaha, Iowa

☆ European natural gas prices soar 30% as key source to close permanently after hundreds of earthquakes
▼ + stars: | 2023-06-15 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Europe's biggest gas field is set to close permanently in October, Bloomberg reported. The news sparked a 30% jump in benchmark European natural gas futures on Thursday. Earthquakes near the Groningen field in the Netherlands have damaged thousands of homes over the years. The six-decade operation has been an important energy source for much of Western Europe. Europe has since stockpiled natural gas to levels not seen in years, helped by a mild winter, but this summer's hot weather is boosting demand, while outages in Norwegian gas fields and increased competition for liquefied natural gas are also adding to price pressures.

Persons: —, Mark Rutte Organizations: Bloomberg, Earthquakes, Service Locations: Groningen, Netherlands, Western Europe, Europe, Russia, Ukraine

☆ Alberta wildfires hit gas flow out of Canada to US, spiking prices
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +3 min

[1/4] Smoke rises above the southeast perimeter of the Paskwa fire (HWF030) as it burns near Fox Lake, Alberta, Canada May 16, 2023. Alberta Wildfire/Handout via REUTERSOTTAWA, May 18 (Reuters) - Alberta officials on Thursday warned more wildfires could spread in next few hot and dry days, even as firefighters make progress in tackling widespread blazes that have slowed the outflow of natural gas from Canada into the United States, spiking prices. There were about 92 active wildfires and over 10,000 people out of their homes as of Thursday, Alberta officials told a daily briefing. "Firefighters can experience challenging conditions in hot, dry and windy weather, but progress has been made on many active wildfires," said Christie Tucker, information unit manager at Alberta Wildfire. "We are expecting and preparing for more active wildfire behavior today and over the next few days," she said.

☆ Cooler temperatures offer temporary reprieve for Alberta wildfires
▼ + stars: | 2023-05-09 | by ( Nia Williams | ) www.reuters.com time to read: +2 min

May 9 (Reuters) - Wildfires in Canada's main oil-producing province Alberta eased on Tuesday thanks to cooler weather, but thousands of people remained under evacuation orders and officials warned temperatures were expected to rise in coming days. The wildfires also forced oil and gas producers to shut in at least 319,000 barrels of oil equivalent per day (boepd), or 3.7% of the country's production. Officials said firefighters had made progress in southern and central Alberta where cooler temperatures and higher humidity slowed the blazes. The fire danger remains high in many parts of northern Alberta and the province is forecast to have high temperatures return by the end of this week. "We are not expecting the kind of winds we saw last week ... but certainly we are not taking it for granted," said Christie Tucker, information unit manager for Alberta Wildfire.

☆ TC Energy declares force majeure on Columbia Gulf natgas station after fire
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +2 min

April 28 (Reuters) - Canadian energy company TC Energy Corp (TRP.TO) said on Friday that its Columbia Gulf Transmission unit declared a force majeure event at its Corinth natural gas compressor station in Mississippi due to a fire, which had been extinguished. The fire at the compressor station resulted from a suspected lightning strike during severe storms that occurred early on Friday, the company said in a statement. The Corinth compressor station is making operational adjustments to allow a portion of volume to resume flows through the impacted segment of the system, TC Energy said. Based on current nominations, Columbia Gulf said the anticipated impact to firm service was about 0.4 bcf. The Columbia Gulf pipe stretches 3,367 miles (5,419 kilometers) between the U.S. Gulf Coast and the Midwest, serving customers in Louisiana, Mississippi, Tennessee and Kentucky, according to the company's website.

☆ Stocks making the biggest moves midday: Micron, Pioneer Natural Resources, Block, AMC and more
▼ + stars: | 2023-04-10 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Micron Technology — Micron Technology's shares gained 8% after its rival Samsung Electronics announced that it plans to cut memory chip production in the near term. Excelerate Energy , EQT and other gas stocks — Shares of Excelerate Energy, EQT and other gas stocks ticked higher as natural gas futures climbed. Apple's stock price lost 2%, Google-parent Alphabet shed 2.8% and Microsoft lost 1.4%. New Fortress Energy — The stock gained 4% after Deutsche Bank initiated New Fortress as a buy. AMC's stock price popped 6.7%, IMAX soared by 2% and Cinemark gained 5.7%.

Hedge funds and other money managers sold the equivalent of 142 million barrels in the six most important contracts in the seven days ending on March 21, after selling 139 million barrels in the week to March 14. Fund managers have slashed their combined position to just 289 million barrels (6th percentile for all weeks since 2013) from 570 million (46th percentile) on March 7. The fund community liquidated 163 million barrels of previous bullish long positions in the two most recent weeks, while establishing 115 million barrels of new bearish short ones. The most recent week saw heavy sales across the board, including Brent (-63 million barrels), NYMEX and ICE WTI (-48 million), U.S. gasoline (-15 million), U.S. diesel (-6 million) and European gas oil (-10 million). Anticipating the erosion of the surplus, funds have bought the equivalent of 774 billion cubic feet in the last seven weeks.

☆ Here's why hawkish Powell testimony might not derail the stock market rally
▼ + stars: | 2023-03-07 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Today, all eyes will be on central bank chairman Jerome Powell as he begins two days of hearings on Capitol Hill. Chairman of the Federal Reserve nominee Jerome Powell testifies during his confirmation hearing before the Senate Banking, Housing and Urban Affairs Committee November 28, 2017 on Capitol Hill in Washington, DC. Fed policy aside, the stock market has marched higher to start the year, with the S&P 500 gaining about 6% over the last nine weeks. US stock futures rise early Tuesday, as investors await the two-day testimony of Fed Chair Jerome Powell. The bear market rally isn't over yet as stocks just survived a crucial test.

☆ US natgas plunges 15% on less cold forecasts, biggest drop in 8 months
▼ + stars: | 2023-03-06 | by ( ) www.cnbc.com time to read: +4 min

U.S. natural gas futures plunged by about 15% on Monday - its biggest one-day drop in over eight months —on forecasts for much less cold weather and heating demand than previously expected over the next two weeks. "This has translated to ... [gas] demand lost over the forecast period ... With the vast majority of that being [residential and commercial] demand," Gelber said. The gas market is used to huge price swings, which are usually related to changes in weather forecasts. When operating at full power, Freeport LNG, the second-biggest U.S. LNG export plant, can turn about 2.1 bcfd of gas into LNG for export. That compares with a monthly record of 12.9 bcfd in March 2022, before the Freeport LNG facility shut.

☆ US natural gas prices plummet 13% as streak of mild winter weather set to continue
▼ + stars: | 2023-03-06 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Natural gas prices have fallen 13% amid forecasts of more mild weather as winter winds down. Falling prices are a sign that the US needs to scale back gas production, some commentators say. Henry hub natural gas futures for April fell to $2.62 per million British thermal units, according to data from the CME Group, down 12.73% from its previous close of $3 per million BTUs. Natural gas prices have tanked 34% since the start of the year, with the latest drop spurred by warm weather forecasts for the coming weeks. The changes in supply-demand balance are a stark contrast from last year, when issues stemming from Russia's invasion of Ukraine spiked gas prices on the spot market.

☆ Chesapeake Energy to reduce drilling amid natgas price slump
▼ + stars: | 2023-02-22 | by ( Liz Hampton | ) www.reuters.com time to read: +2 min

Feb 22 (Reuters) - U.S. natural gas producer Chesapeake Energy Corp (CHK.O) on Wednesday said it would pull back on drilling and completing wells this year as natural gas prices have crashed to a quarter of what they were last summer. Earlier this month, Comstock Resources Inc (CRK.N) said it would cut drilling rigs to seven from nine this year. Henry Hub natural gas futures on Wednesday briefly dipped below $2 per million British thermal units (mmBtu) for the first time since September 2020, and were down from last year's $8 peak. Chesapeake, which previously announced plans to sell its oil position to focus on gas production, on Tuesday said it would sell oil assets in South Texas to chemical maker INEOS for $1.4 billion. Rival shale oil producer Diamondback Energy (FANG.O) on Wednesday said it was increasing its non-core asset sale target to at least $1 billion by the end of this year, up from $500 million previously.

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