Liquefied natural gas exports from the U.S. are looking more likely after the Freeport LNG terminal got conditional approval from the Department of Energy, Goldman Sachs Group Inc. said.
Natural gas futures advanced to the highest settlement price in almost three weeks on forecasts for above-normal temperatures that would boost demand for the power- plant fuel to run air conditioners.
Natural gas futures were little changed in New York after dropping to a five-week low following a government report that showed a larger-than-forecast increase in U.S. stockpiles.
The U.S. raised its natural-gas production outlook for 2013 for the first time in three months amid gains from onshore wells.
Natural gas prices in the U.S. Northeast are poised to reach five-year seasonal highs this summer because increasing demand from power plants may be too much for pipelines to handle.
Petronet LNG Ltd., India’s biggest liquefied natural gas importer, signed its first agreement to purchase the fuel from the U.S. as demand rises in Asia’s second-biggest energy consumer. The shares rose.
Natural gas futures declined in New York for a second day on expectations that demand for heating fuels will ease with milder U.S. weather.
Natural gas futures advanced to a 20-month high in New York after a government report showed that U.S. stockpiles expanded by less than forecast.
The U.S. lowered its forecast for natural gas output in 2013 by 0.4 percent and raised its outlook for prices.
Centrica Plc, the U.K.’s largest household energy supplier, signed a 20-year deal to import natural gas from the U.S., securing supplies as production from British North Sea fields decline.