Natural Gas May '22 (NGK22)
Natural Gas Futures Market News and Commentary
May Nymex natural gas (NGK26) on Tuesday closed down -0.028 (-1.07%).
Nat-gas prices continued their 5-week selloff on Tuesday, dropping to a 17-month low. Forecasts for above-normal temperatures that reduce nat-gas heating demand and expand US gas storage levels are weighing on prices. The Commodity Weather Group said that above-average temperatures are expected across the eastern two-thirds of the US through April 17, with seasonally normal weather expected across the US from April 18-27.
Projections for higher US nat-gas production are bearish for prices. Last Tuesday, the EIA raised its forecast for 2026 US dry nat-gas production to 109.59 bcf/day from a March estimate of 109.49 bcf/day. US nat-gas production is currently near a record high, with active US nat-gas rigs posting a 2.5-year high in late February.
US (lower-48) dry gas production on Tuesday was 110.8 bcf/day (+2.2% y/y), according to BNEF. Lower-48 state gas demand on Tuesday was 67.0 bcf/day... Read more
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