Natural Gas Dec '19 (NGZ19)
Natural Gas Futures Market News and Commentary
Nov Nymex natural gas (NGX19) on Friday closed up +0.02 (+0.09%). Nov nat-gas prices moved slightly higher Friday on short-covering spurred on by concern a tropical depression in the Gulf of Mexico could become Tropical Storm Nestor this weekend and disrupt production from U.S. gas rigs in the Gulf. Money managers have record high net short positions for this time of year in seven gas contracts in data going back to 2014, which provides some fuel for a potential short-covering rally. Nov nat-gas rallied to a 2-week high Wednesday on expectations for cold weather in the U.S. to boost heating demand for nat-gas. Maxar on Thursday said it expects temperatures will be below normal across the central U.S. during Oct 22-26 before the cold temps move east from Oct 27-31. High U.S. nat-gas production continues to be a bearish factor with lower-48 nat-gas production Friday up +8.9% y/y at 93.901 bcf/d. Strong U.S. nat-gas output has caused U.S. nat-gas inventories to rise sharply in recent mont... Read more
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