The Independent Commodity Intelligence Services published its supply/demand outlook for liquified natural gas today, Monday, February 7. The conclusion: Higher supply deficits for 2022 despite the addition of 24 million tons of LNG capacity in 2021. ICIS projects that supplies will increase by just 5.3 million tons in 2022. Demand is forecast to increase by 13.8 million tons.
Natural gas at the OneOK Gas Transportation hub in Oklahoma traded at $4.19 per contract a week ago. Today, thanks to a polar blast that has produced sub-zero temperatures across a huge swatch from Texas to Canada, two contracts today traded at $999 per million British thermal units. At the Henry Hub terminal in Louisiana, the benchmark for natural gas futures in New York, gas futures traded at a high of $30 today. A week ago the futures traded at just $3.24 per million BTUs. The cold has shut down production in some fields and through some pipelines (where liquids in pipes and at wells has frozen forcing shutdowns) while sending demand soaring for natural gas to heat homes and generate electricity. Production of natural gas in the Lower 48 states has plunged to a three year low.
In my daily trawling through the market I come upon lots of tidbits of knowledge that I think are important to investors but that don’t justify a full post. I’ve decided to start compiling these notes here each day in a kind of running mini blog that I’m calling Notes You Need. A typical items resembles this from today: “4:20 p.m.: The U.S. Dollar Index gave up a morning gain to fall back to 90.32 before rallying again to close at 90.736, up 0.34 on the day. Some analysts think that the 90 level on the index might give support to the U.S. currency against other major currencies. Others think the dollar is on the verge of falling to a new thee-year low that could open the way to further declines.”
In my daily trawling through the market I come upon lots of tidbits of knowledge that I think are important to investors but that don’t justify a full post. I’ve decided to start compiling these notes here each day in a kind of running mini blog that I’m calling Notes You Need. A typical item resembles this one from today: “10:20 a.m.: Shares in Eastman Kodak (KODK) are up 58% this morning after the former camera and film leader said it would launch the Kodakcoin, “a photocentric cryptocurrency to empower photographers and agencies to take greater control in image rights management.” Kodak, which emerged from bankruptcy in 2013, has sold off most of its patents and now focuses on digital photography and printing.”
In my daily trawling through the market I come upon lots of tidbits of knowledge that I think are important to investors but that don’t justify a full post. I’ve decided to start compiling these notes here each day in a kind of running mini blog that I’m calling Notes You Need. A typical item resembles this from today: “10:40 a.m.: Ahead of earnings Barclays raised its target on U.S. Bancorp (USB) to $65 from $60. Stock was trading at $53.38 at the open. Before Christmas, December 17, to be precise UBS downgraded the bank stock to neutral from buy (while raising its target price to $60 from $58.) The downgrade reflects a shift to favor banks with a higher exposure to tax cuts in the recently passed tax bill.”
In my daily trawling through the market I come upon lots of tidbits of knowledge that I think are important to investors but that don’t justify a full post. I’ve decided to start compiling these notes here each day in a kind of running mini blog that I’m calling Notes You Need. A typical post looks much like this entry from today: “10:20 a.m.: Cook County, the county that includes Chicago, has announced a lawsuit against makers of prescription opioid painkillers such as OxyContin and Percocet. The lawsuit cites the companies’ “coordinated, sophisticated, and highly deceptive marketing.” Cook County has seen a 70% increase in opioid-related deaths between 2015 and 2016.”
In my daily trawling through the market I come upon lots of tidbits of knowledge that I think are important to investors but that don’t justify a full post. I’ve decided to start compiling these notes here each day in a kind of running mini blog that I’m calling Notes You Need. I launched this new feature on JubakAM.com on December 1. For example, “10:40 a.m.: Taiwan’s Fair Trade Commission has fined Qualcomm (QCOM) a record $773 for antitrust violations. The commission says Qualcomm violated antitrust laws for at least seven years and collected about $13.2 billion in local licensing fees during that period. The commission also ordered Qualcomm to revise deals forcing competitors to provide sensitive information including pricing, customer names, and model names.”
In my daily trawling through the market I come upon lots of tidbits of knowledge that I think are important to investors but that don’t justify a full post. I’ve decided to start compiling these notes here each day in a kind of running mini blog that I’m calling Notes You Need. I launched this new feature on JubakAM.com on December 1. It runs only on JAM and won’t appear anywhere else. For example, 10:20 a.m.: It looks like China’s monetary authorities are starting to relax about the yuan.
Times listed are when I wrote the specific post (New York time.)
10:20 a.m.: The worst storm to hit the oil refineries on the Gulf Coast since Hurricane Wilma in 2005 is on a track to come ashore near Corpus Christi, Texas, on Friday. Hurricane Harvey with its 85 mile an hour winds and drenching rain is likely to disrupt gasoline production and curtail oil and natural gas demand. U.S. crude benchmark West Texas Intermediate closed down 1.63% today. Gasoline, on the other hand, rose 2.35% on anticipation that the storm will curtail supply. 10:40 a.m.: The usual reliable but unnamed sources have said that in September Apple (AAPL) will announce a new Apple TV set-top box that will include a faster processor capable of streaming higher-resolution 4K video. Apple is also said to be testing an updated version of its TV app that can aggregate programming from apps that already offer live streaming.
