Natural Gas May '23 (NGK23)
Natural Gas Futures Market News and Commentary
September Nymex natural gas (NGU26) on Friday closed up +0.040 (+1.46%).
Nat-gas prices settled higher on Friday as forecasts for hotter US weather could potentially boost nat-gas demand from electricity providers to power increased air conditioning use. The Commodity Weather Group said on Friday that forecasts shifted to hotter, with above-average temperatures across Texas, the Southwest, and the Interior West through September 4.
Also, nat-gas prices rose as forecasts for record-high temperatures in West Texas over the next week support nat-gas demand. The largest Texas electric grid, the Electric Reliability Council of Texas, forecast peak power demand on Friday through next Tuesday that will exceed the all-time record set in July.
US (lower-48) dry gas production on Friday was 113.1 bcf/day (+4.4% y/y), according to BNEF. Lower-48 state gas demand on Friday was 80.9 bcf/day (+2.7% y/y), according to BNEF. Estimated LNG net flows to US LNG export terminals... Read more
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