Natural Gas Nov '20 (NGX20)
Natural Gas Futures Market News and Commentary
Oct Nymex natural gas (NGV20) this morning is down -0.018 (-0.88%).
Oct nat-gas prices this morning extended Thursday's sharp losses down to a new 1-1/2 month low. Robust U.S. nat-gas supplies, along with tepid industrial demand is weighing on prices. The EIA reported Thursday that gas inventories rose +89 bcf last week to 3,614 bcf, up +16.5% y/y.
Nat-gas prices were already on the defensive on concern that Hurricane Sally will hurt nat-gas demand in the South after it unleashed massive flooding and triggered widespread blackouts.
Power-plant demand for nat-gas has weakened, which is negative for prices after power-plant demand for nat-gas was estimated at 16.816 mcf/d for Friday, the lowest for this time of year since 2014.
The outlook for cooler U.S. temperatures is also weighing on nat-gas prices. NatGasWeather.com said last Friday that a "comfortable" weather pattern is seen for most of the U.S. from Sep 18-25, which will reduce nat-gas demand from u... Read more
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