Natural Gas Futures Market News and Commentary
July Nymex natural gas (NGN22) on Friday closed down -0.168 (-1.89%).
Nat-gas prices Friday moved lower for a second day as they fall further back from Thursday's 14-year nearest-futures high. The outlook for cooler U.S. temperatures in early June has sparked long liquidation in nat-gas futures. Atmospheric G2 on Friday said that below-normal temperatures are expected for the Central U.S. from June 1-5, and below-normal temperatures are expected for the Northwest and northern Plains from June 6-10. The cooler temperatures should reduce nat-gas demand from electricity providers to power air-conditioners.
Nat-gas prices have support after Russia recently said that foreign buyers of its gas would need to open special ruble and foreign currency accounts by the end of this month to buy Russian gas. Russia has already halted nat-gas shipments to Finland, Bulgaria, and Poland for not paying for Russian gas in rubles. Russian President Putin said that "unfriendly" nations m... Read more