Natural Gas Jul '20 (NGN20)
Natural Gas Futures Market News and Commentary
Jul Nymex natural gas (NGN20) on Friday closed down -0.040 (-2.20%).
July nat-gas prices on Friday closed lower on reduced U.S. nat-gas demand. Data from BNEF showed that total U.S. gas consumption Friday fell -6.1% y/y to 61.3 bcf/d. Industrial demand for nat-gas remains weak with the U.S. economy still slowed by the pandemic. BNEF reported that nat-gas demand from U.S. industrial consumers in May fell -4 bcf/d from a year earlier.
The forecast for cooler temperatures to move into the eastern United States was another negative factor for nat-gas. Maxar on Thursday said that temperatures will be above normal across most of the U.S. through June 8 before easing in the following week, and that the East Coast may see unusually cool readings from June 14-18, which should curb nat-gas demand for electrical power to run air-conditioning.
Nat-gas prices saw underlying support from a sharp rally in stocks that boosted confidence in the economic outlook and is supportive... Read more
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