Natural Gas Futures Market News and Commentary
Dec Nymex natural gas (NGZ20) this morning is up +0.007 (+0.21%).
Dec nat-gas prices this morning recovered from a 2-week low and moved higher on a smaller-than-expected build in weekly EIA nat-gas inventories. The EIA reported today that U.S. nat-gas inventories last week rose +29 bcf, below consensus of +38 bcf. Nat-gas prices on Thursday initially opened lower and posted a 2-week low after the Commodity Weather Group milder-than-normal weather is expected across most of the U.S. from Nov 3-7, which should reduce heating demand for nat-gas.
Nat-gas prices on Monday earlier surged to a 1-3/4 nearest-futures high (Nov 20-contract) on strength in U.S. nat-gas demand. Total nat-gas consumption in the lower 48 U.S. states on Wednesday was up +16% w/w at 76 bcf. Strong export demand for U.S. nat-gas supplies is also supportive for prices as gas flows to U.S LNG export terminals on Thursday were 9.7 bcf, up +16% w/w, and the most since March.
Last Wednesday, NOAA sai... Read more