Natural Gas Futures Market News and Commentary
Sep Nymex natural gas (NGU22) on Monday closed down -0.46%. Nat-gas prices Monday posted modest losses. Forecasts for cooler U.S. temperatures that will reduce nat-gas demand from electricity suppliers to supply energy for air-conditioning are bearish for prices. Nat-gas prices were also under pressure Monday amid a broad selloff in commodity prices on concern a slowdown in the global economy will curb demand for commodities, including nat-gas.
Lower-48 dry gas production on Monday was 97.8 bcf/day, +4.7% y/y, according to Bloomberg. Lower-48 state total gas demand on Monday was 71.6 bcf/day, +10.1% y/y, according to Bloomberg NEF data. LNG net flow to U.S. LNG export terminals Monday was 11.2 bcf/day, +2.8% w/w, according to BNEF.
An increase in U.S. electricity output is bullish for nat-gas demand from utility providers. The Edison Electric Institute reported last Wednesday that total U.S. electricity output in the week ended Aug 6 rose +11.7% y/y to 96,094 GWh (... Read more