Natural Gas Futures Market News and Commentary
November Nymex natural gas (NGX23) on Wednesday closed +0.013 (+0.44%).
Nat-gas prices on Wednesday extended Tuesday's sharp gains and posted an 8-1/2 month nearest-futures high on the outlook for colder U.S. temperatures to boost heating demand for nat-gas. Forecaster Maxar Technologies said forecasts shifted cooler for the eastern U.S. from October-14-18, and Atmospheric G2 said "a complex frontal system" will drive cooler-than-average weather into the central, southern, and eastern U.S. into mid-October.
Lower-48 state dry gas production Wednesday was 100.3 bcf/day (-0.4% y/y), according to BNEF. Lower-48 state gas demand Wednesday was 68.7 bcf/day, -0.9% y/y, according to BNEF. LNG net flows to U.S. LNG export terminals on Wednesday were 12.6 bcf/day or +4.5% w/w.
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 96% full as of October 2, above the 5-year s... Read more