Nat Gas yesterday settled up by 1.91% at 277.5 on strong demand for US exports of liquified natural gas as global gas continues to trade more than three times above US prices. Meantime, forecasts point to slightly milder weather and less air conditioning demand in the US over the next two weeks than previously expected. As for storage, the Energy Information Administration reported a 55 Bcf injection into inventories for the week ending June 11.
Support is also seen amid a drop in output to the lowest level since gas wells and pipes froze in Texas during February. Output decline was due to a problem with a natural gas liquids pipeline in West Virginia.
Touchstone Exploration Inc (LON:TXP) is a Canadian-based, international upstream oil and gas company currently active in the Republic of Trinidad and Tobago.