Natural Gas Futures Market News and Commentary
Nov Nymex natural gas (NGX20) on Monday closed up +0.053 (+1.78%).
Nov nat-gas prices on Monday climbed to a new 1-3/4 nearest-futures high on signs of stronger U.S. nat-gas demand and on forecasts for colder U.S. temperatures. Total nat-gas consumption in the lower 48 U.S. states on Monday was up +12% y/y at 77.4.1 bcf, the highest for the period since at least 2014. Also, export demand for U.S. nat-gas supplies has strengthened as gas flows to U.S LNG export terminals on Monday was 9.2 bcf, up +26% w/w. Ship channels to two of the largest LNG U.S. export terminals have reopened to tanker traffic and are boosting exports after being temporarily closed to remove obstructions in the channels caused by Hurricane Delta.
The Commodity Weather Group on Monday forecasted colder weather for the U.S East this week and during Oct 31-Nov 4. Also, last Wednesday, NOAA said that there is a La Nina weather pattern that over the longer-term could trigger a colder-than-normal winter... Read more