Thursday, November 21, 2024
Trump and natural gas
Trump and natural gas
By Grand Rapids Anonymous
thursday, november 21, 2024 at 9:58:00 p.m. est
Here's something about Trump's win which has the potential to cost people like myself a lot of money--natural gas.
Since his victory,the price of natgas has spiked from 2.50 to 3.55,a 40% increase in 2 weeks. Why? Trump says he wants to sell more of it to Europe,while biden's policy was to keep that to a minimum. This kept our prices low. Years ago,natgas got up to over 8.00 per cubic foot,which translated to huge winter heating bills.
Incoming cold weather is also affecting the price. All the forecasts for this winter indicated a warmer than normal one for each of the three months of December,January and February. If that's true,prices of natgas will come down,but if wrong--plus Trump's policy--we might be seeing some gigantic increases in our bills very soon. DTE,in my state,never hesitates to pass those higher prices along ASAP.
--GRA
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Check out the big picture of natural gas futures - at Yahoo Finance - click the "5Y" above the graph to get the 5-year view. We've been in a valley for almost two years. A glut. Full storage tanks 'round the world, despite Russia and Ukraine. Prices have been down to Trump 45 levels for almost two years. Bidenflation happened in spite of cheap energy that happened in spite of Biden and his armies of anti-energy bureaucrats. Let's Go Brandon!
June '21 to Jan '23 was really high, with prices sustained at more than double what we saw yesterday.
As I write this (6:10am Central), the overnight futures show a 1% drop. Party on while you can. We're living in a nation of idiots that looks to Washington, D.C. for "assistance" with home heating costs. Come to warm fireside of a Haitian Value Meal kitty cat barbecue or an Oakland homeless camp.
But you freezing hicks in the NC mountains, don't you dare burn your piles of Hurricane Helene trees and brush. The experts say it damages the environment and could affect the air quality for Raleigh and Richmond.
Update: natural gas down 4.5% at 9:20 Eastern, just ahead of stock market's opening for the day. Which wipes out Thursday's gain.
jerry pdx
One of Trump's strongest supporters has always been big oil, I have wonder how this move aligns with their interests. Does this relate to the sabotaged Nordstream pipeline and even the Ukraine war? Here is an interesting article from Forbes about the political & economic complexities of the natural gas flow in Europe:
https://www.forbes.com/sites/michaellynch/2020/11/30/the-complicated-battle-over-the-nordstream-2-gas-pipeline/
Here is some more detail about the American financier Michael Lynch, who is a Trump supporter, and his bid to acquire the Nordstream pipeline:
https://oilprice.com/Energy/Energy-General/Miami-Financiers-Bold-Bid-for-Nord-Stream-2-Sparks-Controversy.html
One of Trump's campaign promises was to lower oil prices, along with ending the Ukraine war in 24 hrs. and stopping inflation. The first one was the only one that seemed realistic, if he cuts costs for big oil, they may pass some savings on to us. Maybe.
Natgas dropped 6% today to 3.12. It needs to get below 2.80 to reverse the trend. Fingers crossed,but a lot of cold weather coming to the northern part of the U.S. next week--including,supposedly,20s for highs the day after Thanksgiving.
--GRA
And natgas is back up 7% tonight to 3.53. Let's see what happens the rest of this week.
--GRA
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