Natural Gas Futures Market News and Commentary
January Nymex natural gas (NGF24) on Friday closed down -0.004 (-0.15%).
Nat-gas prices Friday closed slightly lower but remained above Thursday's 3-1/2 month low. Nat-gas prices have been under pressure this week on weather forecasts calling for above-average temperatures that would reduce heating demand for nat-gas. The Commodity Weather Group said Friday that weather forecasts moved warmer in the U.S. from Dec 13-17, and "the longer-range temperature forecast turned warmer than normal for most of the U.S."
Lower-48 state dry gas production Friday was 105.5 bcf/day (+4.7% y/y), according to BNEF. Lower-48 state gas demand Friday was 83.2 bcf/day (-5.3% y/y), according to BNEF. LNG net flows to U.S. LNG export terminals Friday were 14.5 bcf/day (+5.4% w/w), according to BNEF.
High inventories caused by carryover from the mild 2022/23 winter and weak heating demand have undercut nat-gas prices. Gas storage across Europe was 94% full as of December 3, above t... Read more