Natural Gas May '22 (NGK22)
Natural Gas Futures Market News and Commentary
Sep Nymex natural gas (NGU22) on Tuesday closed up +0.369 (+4.71%).
Sep Nymex natural gas on Wednesday rallied sharply for the second consecutive session as U.S. production faded a bit from recent record levels. Lower-48 dry gas production on Wednesday fell to a 1-month low of 97.3 bcf/day, according to Bloomberg.
Nat-gas prices also saw support from Wednesday's sharp drop in the dollar index, which supported the commodity sector as a whole.
Despite the 2-session rally, nat-gas prices are still seeing downward pressure from cooler weather forecasts. Commodity Weather Group on Wednesday forecasted below-normal temperatures for the Eastern and Central states during Aug 15-19.
Lower-48 state total gas demand on Wednesday was 72.2 bcf/day, up +1.2% y/y, according to Bloomberg NEF data. LNG net flows to U.S. LNG export terminals Wednesday was 11.2 bcf/day, +2.1% w/w, according to BNEF.
An increase in U.S. electricity output is bullish for nat-gas demand f... Read more
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