Natural Gas May '20 (NGK20)
Natural Gas Futures Market News and Commentary
August Nymex natural gas (NGQ26) on Thursday closed down -0.066 (-2.26%).
Nat-gas prices fell to a 2-month low on Tuesday and settled sharply lower after weekly nat-gas inventories rose more than expected. The EIA reported that nat-gas inventories increased by +41 bcf in the week ended July 10, above expectations of +39 bcf.Â
Nat-gas prices recovered from their worst level on Thursday amid an outlook for hot US weather, boosting nat-gas demand from electricity suppliers to power air-conditioning. The Commodity Weather Group on Thursday said forecasts shifted hotter, with above-average temperatures expected across the Upper Midwest through July 20.
A bearish factor for nat-gas prices in the medium term is speculation that a powerful El Niño weather system will bring warmer-than-normal temperatures to the Northern Hemisphere this fall and winter, reducing nat-gas heating demand.Â
US (lower-48) dry gas production on Thursday was 112.0 bcf/day (+3.6% y/y), acco... Read more
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