Natural Gas Futures Market News and Commentary
October Nymex natural gas (NGV21) on Friday closed down -0.125 (-2.29%).
Oct nat-gas on Friday settled sharply lower on forecasts for cooler U.S. temperatures. The lower temps will curb nat-gas demand from electricity providers that provide power for air conditioning usage. Maxar on Friday forecast cooler temperatures for the eastern half of the U.S. from Sep 22-26 and said it expects cooler temperatures for the Midwest from Sep 27-Oct 1.
Oct nat-gas prices on Wednesday rallied to a new 7-1/2 year nearest-futures high. Nat-gas prices have surged this week on concern that the resumption of U.S. nat-gas production in the Gulf of Mexico from Hurricane Ida will be delayed further by Tropical Storm Nicholas, which slowly makes its way along the U.S Gulf Coast. In the Gulf of Mexico, 34.4% of offshore U.S. gas production was still shut as of Friday afternoon because of Hurricane Ida.
July 2021 was the third-warmest July ever recorded globally, with only July 2019 and... Read more