Natural Gas Dec '19 (NGZ19)
Natural Gas Futures Market News and Commentary
Dec Nymex natural gas (NGZ19) on Wednesday closed down by -0.021 (-0.80%).
Dec nat-gas prices moved lower for a third day Wednesday and posted a 2-week low on forecasts for warmer temperatures to return to the U.S. in the second half of November. The Commodity Weather Group on Wednesday said it expects normal temperatures in the eastern half of the U.S. during Nov 18-27.
High U.S. nat-gas production continues to be a bearish factor with lower-48 nat-gas production Wednesday up +10.2 y/y at 93.705 bcf/d. Strong U.S. nat-gas output has caused U.S. nat-gas inventories to rise sharply in recent months to the current level of +16.2% y/y from -22.3% y/y last March.
Thursday's weekly EIA nat-gas inventories are expected to climb by only 3 bcf, well below the 5-year average for this week for a gain of 30 bcf.
Last Thursday's weekly EIA report of +34 bcf pushed nat-gas inventories up to a 23-month high of 3,729 bcf in the week of Nov 1. Inventories are up +16.2% y... Read more
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