Natural Gas Apr '17 (NGJ17)
Natural Gas Futures Market News and Commentary
June Nymex natural gas (NGM26) on Friday closed up +0.013 (+0.47%).
Nat-gas prices on Friday climbed to a 3-week nearest-futures high and settled higher. Â Nat-gas prices have support on the outlook for below-normal US temperatures in the near term, which could potentially boost nat-gas heating demand. Â The Commodity Weather Group said Friday that below-average temperatures are expected across the eastern half of the US through May 10.
Last Friday, nat-gas prices tumbled to a 1.5-year nearest-futures low amid robust US gas storage. Â EIA nat-gas inventories as of April 24 were +7.7% above their 5-year seasonal average, signaling abundant US nat-gas supplies. Â
Projections for higher US nat-gas production are negative for prices. Â On April 7, the EIA raised its forecast for 2026 US dry nat-gas production to 109.59 bcf/day from a March estimate of 109.49 bcf/day. Â US nat-gas production is currently near a record high, with active US nat-gas rigs posting a 2.5-year high... Read more
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