Gas prices rose on expectations that producers would reduce output in 2024 after prices plunged to a 3-1/2-year low.Major Shale driller, Chesapeake Energy, is planning to cut its Natural Gas production already in 2024.The company has lowered its capital expenditure plan by 20 per cent for 2024 and aims to produce 2.65-2.75 bcf/d of natural gas, compared to the output levels of around 3.43 bcf/d in 4Q23.TRENDING NOWKarnataka temple tax Bill irks BJP, saffron party did it in 2011, says CongressOne Point One Solutions to acquire majority stake in ITCubeThinkink Picturez’s board to consider stock split, dividend, bonus issue – Check amount and other detailsWhatsApp Text Formatting Shortcuts: Four new text formats introduced – Check shortcuts to use themPrivate credit deals hit record high at $7.8 billion in 2023: ReportCinema Lovers Day 2024 – Watch films like Teri Baato mein Aisa Uljha Jiya, Fighter at Rs 99 this Friday | PVR INOX offerFintech has potential to revolutionize entire lending scenario in rural communities: EzeePay founder and CEO Shams TabrejPost Office RD: How does it work? What will your Rs 15 lakh investment become in 5 years?Real estate consulting firm Jenika Ventures aims for threefold growth, targets Rs 1000 crore sales figure by yearendStock market investment: Can you have multiple Demat accounts? Know the pros and consRushil Decor announces joint venture, to invest 20 crore in subsidiaryIPL 2024 Schedule Announcement: Who will MS Dhoni’s CSK play in Opener – Hardik Pandya’s Mumbai Indians or Virat Kohli’s RCB?India vs England 4th Test Live Streaming: When and where to watch IND vs ENG test series match LIVE on mobile apps, TV, laptop, onlineBajaj Auto, IRCTC, Oil India, Vodafone Idea: Stocks to watch on FridayBank of Baroda raises Rs 2,500 crore via tier-II bondsAntero Resources and Comstock Resources, both significant gas producers, announced plans to reduce gas production in 2024 by approximately three per cent compared to 2023.Prices tumbled more than 25 per cent so far this year and touched their lowest since June 2020 at $1.522/MMBtu.Weakness was driven by near-record production, abundant fuel storage, and above-average temperatures.Technical issues at Freeport LNG’s export facility have limited gas flow to LNG export terminals, and record levels are not expected until the plant returns to full power.US Winter’s mild temperatures have enabled utilities to increase gas storage, with inventories currently 15.9 per cent above normal levels.European natural gas futures fell to below €24 per megawatt-hour, the lowest since June 2023.Oversupply and the diminished likelihood of a cold snap in the near future weigh on gas prices.LME aluminum slid to $2,216, having hit a three-week high in the prior session.Aluminum futures surged to the $2,260 mark as fresh US sanctions on Russian aluminum risked disruption to global supply chains.Shanghai nickel prices jumped more than 2 per cent on Thursday to a three-week high.Traders assessed concerns over global supply with speculation of renewed US sanctions against Russia.Nickel on LME retreated after having jumped 3.6 per cent in the previous session and posting the biggest daily gain since last November.U.S. President Joe Biden said Washington plans to unveil a major sanctions package against Moscow on Friday.This could involve metals, which are a major source of revenue for the country.Russia is a main producer of nickel and aluminum.The dollar index held broadly steady below the 104 levelA slew of signals from the Federal Reserve reiterated the prospect of higher-for-longer U.S. interest rates.Bullion prices saw some relief this week as the dollar fell sharply from three-month highs. Further losses in the greenback seem limited, as Treasury yields remained close to recent peaks.Further gains in the yellow metal were stymied by the prospect of higher rates.The downside was also limited by increased concerns over worsening economic conditions across the globe, especially as Japan and the UK entered a recession.Minutes of the Fed’s late-January meeting, released on Wednesday, showed that the bank was in no hurry to begin cutting interest rates early.Commodity is aided by expectations that demand in the US will improve as refineries try to return to service after outages and as the dollar weakens.Brent crude futures edged past $83 a barrel. US WTI crude futures hovers at $78 a barrel. Oil prices rose 1 per cent on Wednesday.Crude stocks rose 7.17 million barrels in the week ended Feb. 16– American Petroleum Institute. Gasoline stockpiles rose while distillate fuel inventories declined.US crude inventories have climbed amid outages at large refineries that have left utilisation rates at the lowest level in two years, though the plants are resuming output.BP’s 435,000 barrel-per-day refinery in Indiana will return to full production in March, according to people familiar with plant operations, after a power outage on Feb. 1.TotalEnergies 238,000-bpd refinery in Port Arthur, Texas, is working to complete a restart, though it is still operating minimally following a weather-related power outage.Catch the lateststock marketupdates here. For all other news related to business, politics, tech and auto, visitZeebiz.com.