Natural Gas Futures Market News and Commentary
May Nymex natural gas (NGK21) on Wednesday closed down -0.001 (-0.04%).
May nat-gas prices on Wednesday initially climbed to a 2-week high but gave up their advance and settled little changed. Nat-gas prices found support on the outlook for below-normal temperatures to move across the U.S., thus boosting heating demand for nat-gas. The Commodity Weather Group on Wednesday said that below-normal temperatures are expected in the U.S. mid-continent through April 23. However, nat-gas prices gave their gains after Maxar said that the West Coast would see above-normal temperatures April 19-23, and the Southwest will see above-normal temperatures from April 24-28.
Strong foreign demand for U.S. nat-gas supplies is bullish for prices. Gas flows to U.S LNG export terminals on Wednesday rose +34% y/y to 11.4 bcf. On March 20, gas flows to U.S LNG export terminals climbed to a record 11.92 bcf (data from 2014) according to BNEF.
Weak domestic nat-gas... Read more