Natural Gas Apr '35 (NGJ35)
Natural Gas Futures Market News and Commentary
June Nymex natural gas (NGM26) on Thursday closed up +0.014 (+0.47%).
Nat-gas prices on Thursday settled higher, despite a bearish EIA inventory report, as forecasts for hot US weather are expected to boost nat-gas demand from electricity providers to power increased air conditioning use. Â The Commodity Weather Group said Thursday that above-average temperatures are expected across the West and Upper Midwest from May 31-June 4. Â Â
Nat-gas prices moved higher on Thursday despite a bearish EIA inventory report that showed nat-gas inventories rose +101 bcf in the week ended May 15, above expectations of +98 bcf and the five-year average of +92 bcf. Â
The outlook for the Strait of Hormuz to remain closed for the foreseeable future is supportive for nat-gas as the closure will curb Middle Eastern nat-gas supplies, potentially boosting US nat-gas exports to make up for the shortfall. Â
Projections for higher US nat-gas production are negative for prices. Â Last Tue... Read more
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