- Gas trades higher amid lighter supply readings and bullish bets by money managers
- Prompt gas was 7.3c higher to $2.216/MMBtu (As of 8:04 AM)
- Winter ‘24/’25 strip is up 2.6c to $3.285 and the Summer ’25 strip is up 2.3c to $3.223
- According to CFTC and Bloomberg data, money managers increased net long positions to a six-week high in early August, driven by the unwinding of short positions and the expected rise in cooling demand (NGI)
- The Lower 48 forecast remains steady with regional shifts, warmer in the Northeast and West, cooler in the Midwest, and overall temperatures around the ten-year average by late August (Criterion)
- Rex pipeline seeks to add 80,000 Dt/d of East-to-West capacity out of Ohio (S&P Global)
- Rockies Express Pipeline (REX) plans to modify a compressor station in Ohio to increase east-to-west capacity by 80,000 Dt/d, addressing constraints in zone 3 of its bidirectional system
- The project involves changing cylinder diameters at the Chandlersville compressor station
- REX has requested FERC approval under a blanket certificate, with the capacity increase potentially raising total east-to-west capacity to 2.68M Dt/d
- The company cites strong market demand for Marcellus and Utica gas, with basis differentials from Clarington to western markets exceeding average firm transportation rates
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