# OPEC Deal Is Bad News for U.S. Gas and Good News for LNG - Bloomberg

> Bloomberg reports that OPEC's promised oil output cuts are lifting crude futures, which encourages more oil drilling. That drilling also produces associated gas, which could add to a U.S. gas supply glut that has already reached a record.

- Date: 2016-11-30 · published 2016-11-30T12:00:00.000Z
- Category: macro · region US · magnitude medium
- Page: https://feedsoft.ai/events/74028-opec-deal-is-bad-news-for-u-s-gas-and-good-news-for-lng-bloomberg
- Commodities: [Natural Gas](https://feedsoft.ai/c/NATGAS.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Higher oil output from associated gas could weigh on Henry Hub prices, while the OPEC deal supports crude and energy-linked costs for feed producers.

## Read by commodity

- WTI: bullish ▲
- NATGAS: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| NATGAS | 2021-03-12 | [Asia and LNG Are Disrupting Europe’s Natural Gas Price Model - Bloomberg](https://feedsoft.ai/events/48283-asia-and-lng-are-disrupting-europe-s-natural-gas-price-model-bloomberg.md) | -8.1% | -6.7% |
| NATGAS | 2019-06-28 | [How U.S. LNG Plays Havoc with Dutch Gas and Asian Shipping](https://feedsoft.ai/events/58776-how-u-s-lng-plays-havoc-with-dutch-gas-and-asian-shipping.md) | +1.3% | -5.3% |
| NATGAS | 2020-05-07 | [Virus Lockdowns Pummel Global Gas Demand, Force LNG](https://feedsoft.ai/events/53321-virus-lockdowns-pummel-global-gas-demand-force-lng.md) | -17.4% | -9.0% |
| NATGAS | 2020-04-01 | [Factbox: COVID-19 strikes gas, LNG demand amid oversupply](https://feedsoft.ai/events/53823-factbox-covid-19-strikes-gas-lng-demand-amid-oversupply.md) | +9.9% | +7.4% |
| NATGAS | 2023-03-20 | [Global Natural Gas Prices Keep Falling as Demand Weakens, Banking Crisis Weighs on Markets – LNG Recap](https://feedsoft.ai/events/37032-global-natural-gas-prices-keep-falling-as-demand-weakens-banking-crisis-weighs.md) | -10.6% | -5.7% |
| WTI | 2023-09-20 | [Goldman Sachs Says Oil’s Going Back to $100 as OPEC+ Cuts - Bloomberg](https://feedsoft.ai/events/34275-goldman-sachs-says-oil-s-going-back-to-100-as-opec-cuts-bloomberg.md) | -0.1% | -5.0% |
| WTI | 2020-11-09 | [Oil Jumps With Vaccine News Igniting Hopes of Improved Demand - Bloomberg](https://feedsoft.ai/events/11790-oil-jumps-with-vaccine-news-igniting-hopes-of-improved-demand-bloomberg.md) | +8.0% | +23.5% |
| WTI | 2017-09-27 | [Surging Diesel Demand Is Underpinning Crude Oil’s Bull Market - Bloomberg](https://feedsoft.ai/events/69113-surging-diesel-demand-is-underpinning-crude-oil-s-bull-market-bloomberg.md) | -2.4% | +1.3% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2016-11-30/opec-deal-is-bad-news-for-u-s-gas-and-good-news-for-lng-market

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.