April 29, 2022 – Natural Gas Intelligence
Natural Gas Futures Forge Ahead as Production Woes Fester
By: Kevin Dobbs
Routine spring maintenance work at various sites nationally, coupled with protracted interruptions in the northern Plains caused by a severe storm, kept output in check through the week. Production held more than 2 Bcf below 2022 highs, fueling bullish futures sentiment on Friday and through most of the past week.
“Extreme blizzard conditions wreaked havoc on North Dakota energy infrastructure last weekend, taking offline as much as 60% of the state’s crude oil production and more than 80% of natural gas output, and leaving utility poles and power lines strewn across the landscape,” RBN Energy LLC analyst Sheetal Nasta said Friday.
“It is also compounding maintenance-related production declines in other basins, leaving Lower 48 natural gas output at its lowest since early February,” she added. The “extent of the storm-related damage to local infrastructure could prolong the supply recovery” into May.
Read the full article here: https://www.naturalgasintel.com/natural-gas-futures-forge-ahead-as-production-woes-fester/
