Natural Gas Futures Market News and Commentary
Feb Nymex natural gas (NGG21) on Friday closed down -0.045 (-1.81%).
Feb nat-gas prices on Friday extended this week's sell-off down to a new 3-week low. Forecasts for warmer U.S. weather that will curb heating demand for nat-gas continue to weigh on nat-gas prices. The Weather Commodity Group on Thursday said that the U.S. South and Midwest should see predominantly higher-than-normal temperatures over the next two weeks and that prior forecasts for a polar vortex in the Arctic to drop down into the U.S. later this month is not going to materialize. Also, Maxar said Friday that above-normal temperatures would be widespread across the U.S. from Feb 1-5.
Over the longer-term, expectations for a mild winter overall are still expected to depress nat-gas demand and prices. The Commodity Weather Group last Monday said that the national heating demand for nat-gas is expected to remain "well below" the 30-year average over the next two weeks. Also, Maxar is pr... Read more