Natural Gas Mar '24 (NGH24)
Natural Gas Futures Market News and Commentary
August Nymex natural gas (NGQ26) on Thursday closed down -0.024 (-0.75%).
Nat-gas prices slid to a 2-week low on Thursday and settled lower after weekly US nat-gas storage rose more than expected. The EIA reported that weekly EIA nat-gas inventories rose by +87 bcf in the week ended June 26, above the consensus of +83 bcf.Â
Nat-gas prices maintained their losses on Thursday amid forecasts for cooler US weather, potentially reducing nat-gas demand from electricity providers to power air-conditioning. Â The Commodity Weather Group on Thursday said forecasts shifted cooler, with normal seasonal weather expected across the eastern two-thirds of the US from July 7-16.
US (lower-48) dry gas production on Thursday was 111.7 bcf/day (+2.8% y/y), according to BNEF. Lower-48 state gas demand on Thursday was 79.1 bcf/day (+4.7% y/y), according to BNEF. Estimated LNG net flows to US LNG export terminals on Thursday were 19.3 bcf/day (+1.5% w/w), according to BNEF.
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