High prices for natural gas, heating oil, propane and electricity are colliding with forecasts for slightly colder temperatures this winter
kept gas consumption among U.S. power plants at all-time highs, while Russia’s invasion of Ukraine created insatiable demand in Europe for overseas shipments of liquefied natural gas, or LNG.
“Instead of going on a ship, these volumes went into inventories, effectively giving the market a reprieve,” Mr. Braziel said. “As painful an event as it has been for the folks at Freeport and its customers, it actually helped the U.S. dodge a bullet this summer.” Injections of gas into underground caves by traders hoping to sell the fuel for higher prices this winter have halved the deficit to normal inventories that pushed up prices in August.Analysts and traders say inventories are still low enough that there could be price surges during very cold weather, especially once Freeport resumes operations. The company has said it is aiming to restart next month.
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