(Adds latest prices) Oct 11 (Reuters) – U.S. natural gas futures held close to an eight-month high as a bullish drop in daily output and rising exports offset bearish forecasts for milder weather and lower demand over the next two weeks than previously expected. After rising for six days in a row to an eight-month high earlier this week, front-month gas futures for November delivery on the New York Mercantile Exchange eased 0.5 cent, or 0.1%, to settle at $3.377 per million British thermal units (mmBtu). On Tuesday, the contract closed at its highest since Jan. 23 for a third day in a row. Despite the small decline, the front-month remained in technically overbought territory, with a relative strength index over 70, for a fifth day in a row for the first time since July 2022. In the U.S. spot market, next-day gas for Wednesday at the Henry Hub benchmark in Louisiana rose to $3.34 per mmBtu, its highest since January 2023 for a third day in a row. The spot market, however, will continue to weigh on futures so long as next-day prices remain below the front-month. Next-day prices have closed below the front-month for 159 of the 194 trading days so far this year, according to data from financial firm LSEG. Exxon Mobil agreed to buy U.S. rival Pioneer Natural Resources in an all-stock deal valued at $59.5 billion that would make it the biggest producer in the Permian shale, the largest U.S. oil field, and secure a decade of low-cost production. Global gas demand, meanwhile, will experience slower growth to 2026 after peaking in mature markets like Europe and North America, according to an International Energy Agency (IEA) outlook. In the U.S., gas production and demand will both rise to record highs in 2023, the U.S. Energy Information Administration (EIA) said in its Short Term Energy Outlook (STEO). SUPPLY AND DEMAND Financial firm LSEG said average gas output in the Lower 48 U.S. states rose to 102.8 billion cubic feet per day (bcfd) so far in October, up from 102.6 bcfd in September, but still below the monthly record of 103.1 bcfd in July. On a daily basis, however, output was on track to drop by 1.9 bcfd over the past two days to a preliminary one-week low of 102.4 bcfd on Wednesday. Energy traders noted preliminary data is often revised later in the day. With seasonally cooler weather coming, LSEG forecast U.S. gas demand, including exports, would rise from 94.5 bcfd this week to 95.8 bcfd next week. Those forecasts were lower than LSEG's outlook on Tuesday. Pipeline exports to Mexico held near 7.2 bcfd so far in October, the same as the monthly record high hit in September. Analysts expect exports to Mexico to rise even higher in coming months once New Fortress Energy's plant in Altamira starts pulling in U.S. gas to turn into liquefied natural gas (LNG) for export. Gas flows to the seven big U.S. LNG export plants rose to 12.9 bcfd so far in October, up from 12.6 bcfd in September, but still well below the record high of 14.0 bcfd in April. Energy traders said they expect total LNG feedgas to rise to near record levels over the next week or so once Berkshire Hathaway Energy's 0.8-bcfd Cove Point facility in Maryland exits a maintenance outage. Cove Point shut around Sept. 20. Analysts at LSEG have said the plant usually shuts for about three weeks of maintenance each autumn. Week ended Week ended Year ago Five-year Oct 6 Sep 29 Actual Oct 6 average Forecast Oct 6 U.S. weekly natgas storage change (bcf): 94 86 125 93 U.S. total natgas in storage (bcf): 3,539 3,445 3,213 3,366 U.S. total storage versus 5-year average 5.1% 5.3% Global Gas Benchmark Futures ($ per mmBtu) Current Day Prior Day This Month Prior Year Five Year Last Year Average Average 2022 (2017-2021) Henry Hub 3.45 3.38 6.08 6.54 2.89 Title Transfer Facility (TTF) 14.91 15.30 38.37 40.50 7.49 Japan Korea Marker (JKM) 14.25 14.16 32.98 34.11 8.95 LSEG Heating (HDD), Cooling (CDD) and Total (TDD) Degree Days Two-Week Total Forecast Current Day Prior Day Prior Year 10-Year 30-Year Norm Norm U.S. GFS HDDs 120 119 128 114 136 U.S. GFS CDDs 31 35 44 53 42 U.S. GFS TDDs 151 154 172 167 178 LSEG U.S. Weekly GFS Supply and Demand Forecasts Prior Week Current Week Next Week This Week Five-Year Last Year Average For Month U.S. Supply (bcfd) U.S. Lower 48 Dry Production 102.2 103.5 1037 99.4 93.1 U.S. Imports from Canada 6.7 6.9 6.4 6.0 7.8 U.S. LNG Imports 0.0 0.0 0.0 0.0 0.1 Total U.S. Supply 108.9 110.4 110.0 105.4 101.0 U.S. Demand (bcfd) U.S. Exports to Canada 1.5 1.5 1.4 2.4 2.2 U.S. Exports to Mexico 7.2 7.1 7.2 5.5 5.6 U.S. LNG Exports 12.6 13.0 13.1 10.9 7.1 U.S. Commercial 5.0 6.1 6.9 6.2 7.0 U.S. Residential 4.2 6.5 7.9 6.7 7.5 U.S. Power Plant 35.4 30.8 29.4 31.6 30.1 U.S. Industrial 21.7 22.3 22.6 22.1 22.1 U.S. Plant Fuel 5.0 5.1 5.1 5.0 5.1 U.S. Pipe Distribution 2.0 1.9 2.0 1.9 2.0 U.S. Vehicle Fuel 0.1 0.1 0.1 0.1 0.1 Total U.S. Consumption 73.3 73.0 74.1 73.6 73.9 Total U.S. Demand 94.6 94.5 95.8 92.4 88.8 U.S. Northwest River Forecast Center (NWRFC) at The Dalles Dam Current Day Prior Day % 2023 2022 2021 % of Normal of Normal % of Normal % of Normal % of Normal Forecast Forecast Actual Actual Actual Apr-Sep 94 95 83 107 81 Jan-Jul 91 91 77 102 79 Oct-Sep 91 91 76 103 81 U.S. weekly power generation percent by fuel – EIA Week ended Week ended Week ended Week ended Week ended Oct 13 Oct 6 Sep 29 Sep 22 Sep 15 Wind 8 11 8 8 5 Solar 5 4 4 4 4 Hydro 5 5 5 5 5 Other 2 2 2 2 2 Petroleum 0 0 0 0 0 Natural Gas 41 42 44 43 46 Coal 17 16 17 17 18 Nuclear 22 19 20 20 19 SNL U.S. Natural Gas Next-Day Prices ($ per mmBtu) Hub Current Day Prior Day Henry Hub 3.34 3.30 Transco Z6 New York 1.32 1.30 PG&E Citygate 5.90 5.69 Eastern Gas (old Dominion South) 1.25 1.23 Chicago Citygate 2.53 2.50 Algonquin Citygate 1.75 1.46 SoCal Citygate 6.40 6.75 Waha Hub 2.40 2.49 AECO 1.75 1.79 SNL U.S. Power Next-Day Prices ($ per megawatt-hour) Hub Current Day New England 31.50 28.50 PJM West 38.00 42.50 Ercot North 24.50 27.25 Mid C 54.00 51.50 Palo Verde 35.50 40.50 SP-15 39.25 39.00 (Reporting by Scott DiSavino; editing by Jonathan Oatis)
Covid-19 product sales are expected to dry up. Pfizer said Friday it is cutting its guidance for the year by $9 billion due to changes in expected sales of its Covid-19 vaccine and treatment Paxlovid. Pfizer lowered its guidance to between $58 billion and $61 billion from between $67 billion and $70 billion.
(Reuters) -Pfizer on Friday slashed its full-year revenue forecast by 13% and said it will cut $3.5 billion worth of jobs and expenses due to lower-than-expected sales of its COVID-19 vaccine and treatment. Pfizer earned record revenue in 2021 and 2022, topping $100 billion last year, after developing its vaccine Comirnaty with German partner BioNTech SE and antiviral treatment Paxlovid on its own. But annual vaccination rates have dropped sharply since 2021 and demand for treatments has dipped as population-wide immunity has increased from vaccines and prior infections.
“Last week’s attacks on Israel may have far-reaching impacts on energy and food markets, global trade, and geopolitical relationships,” Dimon warned.
The only certainty is change, and that’s on investors’ minds today, now that the latest inflation data is out. The Bureau of Labor Statistics reported a month-over-month gain in consumer prices, the CPI, of 0.4%, and an annualized CPI rate of 3.7%. The annualized rate was flat from August, and both figures were unfavorable compared to the expectations, which ere 0.3% and 3.6% respectively. These data points come as economic headwinds are piling up. Oil prices are rising along with the heat in th
Former President Donald Trump has been embroiled in numerous controversies over the years. One of the more intriguing allegations recently brought to light concerns the size of his penthouse at Trump Tower in New York. New York Attorney General Letitia James has put forth several allegations against Trump, accusing him of misleading information to inflate the value of his assets for better financial benefits. Among these, a particularly interesting one revolves around the size of his Trump Tower
When stock markets are in flux, it’s time to dig a little deeper to find the right investments. Investors will look for all sorts of signs, based on the earnings forecasts or charts – but one of the clearest signs of all is put up by corporate insiders. These are the company officers who are charged with ensuring profits and returns. They are answerable to Boards of Directors and to shareholders, who expect them to build a company that supports a solid share value. These insiders, the C-suite re
Consumer prices climbed 3.7% year over year in September, according to data released Thursday by the Bureau of Labor Statistics. The COLA calculation is based on a subset of the headline consumer price index called the consumer price index for Urban Wage Earners and Clerical Workers (CPI-W), which rose 3.6% over the past 12 months. The calculation compares the average consumer price index from the third quarter of 2023 and the average data from the same period last year.
NEW YORK (Reuters) -Digital World Acquisition Corp, the SPAC that plans to merge with former U.S. President Donald Trump's media and technology company, said this week it would return to investors $533 million raised for the deal, after some have already backtracked on $467 million of commitments. The development means the end of the so-called private investment in public equity (PIPE) transaction that would have delivered Trump Media & Technology Group (TMTG), the operator of Trump's Truth Social platform, $1 billion as part of its merger with Digital World. A SPAC (special purpose acquisition company), or blank-check firm, is a publicly listed shell company that raises funds to merge with a private company.
With volatile commodity prices, energy stocks can see wild swings from time to time. But investors don't necessarily have to actively trade stocks to make money in the sector. They can also collect dividends. With the right dividend stocks, investors can bypass the stress and uncertainty associated with attempting to time the market, all while benefiting from a passive income stream. Business magnate John D. Rockefeller once said, "Do you know the only thing that gives me pleasure? It's to see m
The Federal Reserve might have completed its round of rate hikes, based on recent statements made by the agency’s officials. Those statements conveyed the message that there is presently no urgent necessity to push the Fed funds rate beyond its existing range of 5.25 to 5.50% – the highest level since July 2001. A number of Fed officials pointed to the surge in government bond yields as a sign that the economy is slowing down sufficiently to curb inflation without necessitating further intervent
A problem over the specifications forholes on the 737 MAX has worsened. It means more work, which slows down deliveries. That isn't what investors want to hear.
Experts such as billionaire investors Jeremy Grantham and Bill Gross have recently suggested US stocks are overvalued. Wharton professor Jeremy Siegel rejects the notion, saying they are in fact "underpriced".
Everyone knows you can leave Costco Wholesale with a cart brimming with oversized tubs of peanut butter, a TV larger than your living room wall and enough toilet paper to last a decade. But did you know that the warehouse chain sells gold bars, too? Costco has started selling 1-ounce gold bars. You can choose from two variations: a 1-ounce gold PAMP Suisse Lady Fortuna Veriscan bar and a 1-ounce gold bar from Rand Refinery. Both types are available online only and are limited to two per member.
Audits and other enforcement will be stepped up to reduce the gap, the Internal Revenue Service said Thursday. The IRS said there has also been a shift from wage income, for which taxes are withheld, to gig economy jobs, for which there is a lower degree of compliance. Taxpayers’ overall compliance rate is projected to stay relatively steady at 86.3% for tax year 2021, after audits and other enforcement actions.
Analysts often downgrade stocks they feel have run up in price too much or if some bad news comes out that can negatively impact a stock. But it's unusual to see downgrades come after stocks have been pummeled, have no recent bad news and are near or at 52-week lows. The reason it's unusual is that analysts who downgrade stocks or slice price targets near 52-week lows run the risk of piling on too late and being embarrassed as an oversold stock rebounds and performs very well over the next few m
The Dow rose 40 points after JPMorgan and Wells Fargo kicked off earnings season with profit beats.
Here we discuss some reasons why investing in CRISPR Therapeutics (CRSP) stock now may turn out to be a more prudent move than ever.
Audio clips of [Caroline Ellison’s Nov. 9 all-hands meeting](https://www.wsj.com/livecoverage/sam-bankman-fried-trial-ftx-caroline-ellison/card/-i-felt-free-to-be-honest-ellison-says-of-november-2022-alameda-meeting-6z3x4IgMyHQHby2THD9O) were played in court.
Suppose you and your spouse are both 65 years old, have $1 million in savings and collect $30,000 per year in Social Security. Is that enough to fund a $70,000 per year retirement? It will depend on your personal circumstances, especially where you live, but $70,000 may be enough for some households. Whether your assets […] The post We’re 65, Have $1 Million Saved and $30K in Social Security Benefits. Can We Live on $70K Per Year? appeared first on SmartReads by SmartAsset.
Tesla now dominates just half of the market, down from the 62% it held in the first quarter, despite a price war started by the Elon Musk-led company to solidify its foothold in the competitive EV arena. However, the company could reverse the downward trend with the launch of its Cybertruck electric pickup truck, which is set to be delivered to customers in the current quarter, the market research firm said. "Higher inventory levels, more product availability, and downward pricing pressure have helped spur continued linear growth of EV sales in the U.S. market," Cox said.