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Natural gas futures seesawed between gains and losses early Friday as traders weighed a coming stretch of severe heat against mounting surpluses – and the slow recovery in Texas from Beryl.
The August Nymex contract was trading unchanged at $2.268/MMBtu at 8:38 a.m. ET.
Early cycle nominations for U.S. LNG export terminals were estimated at around 11.4 Bcf/d for Friday, according to Wood Mackenzie. The estimate included the Freeport liquefied natural gas export terminal in Texas offline for a sixth day. Freeport shut down before former Hurricane Beryl made landfall on Monday. As of early Friday, the terminal was still waiting for power to be restored.
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