Natural Gas Futures Market News and Commentary
November Nymex natural gas (NGX23) on Friday closed -0.016 (-0.54%).
Nat-gas prices Friday posted moderate losses. A mixed near-term weather outlook weighed on nat-gas prices Friday after forecaster Maxar Technologies said it expects above-normal temperatures for most of the U.S. over the next week, which curbs heating demand for nat-gas. Losses were limited by the outlook for colder weather that would spark increased heating demand for nat-gas boosted prices after WSI Trader said below-normal temperatures could spread across the central U.S. by the middle of next month.
Lower-48 state dry gas production Friday was 101.4 bcf/day (+1.3% y/y), according to BNEF. Lower-48 state gas demand Friday was 67.1 bcf/day, +5.1% y/y, according to BNEF. LNG net flows to U.S. LNG export terminals Friday were 12.6 bcf/day or +6.2% w/w.
High inventories caused by carryover from the mild 2022/23 winter and weak heating demand have undercut nat-gas prices. Gas storage across E... Read more