Natural Gas news and market movers: Global demand drops
- Spillover risk lingers between the Carbon Emission market and the Gas market. Traders are cutting their Carbon exposure, which could point to a potential recession risk in the energy sector. Energy-consuming companies buy Carbon Emission rights to be able to burn Gas or consume other energy resources for their business. A decline in Carbon buying could mean a slowdown ahead in industrial production.
- The ban on new US Gas exports from US President Joe Biden is starting to bite on a state level. Pennsylvania governor Josh Shapiro (Democrat) urged Joe Biden to reverse the policy with risk of losing the swing state in the 2024 Presidential Election, according to Bloomberg.
- Dow Jones reports that TotalEnergies will expand its gas production in Texas after it acquired a 20% stake in Lewis Energy Group, which holds leases to mine Gas in Dorado.
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