Natural Gas May '29 (NGK29)
Natural Gas Futures Market News and Commentary
July Nymex natural gas (NGN26) on Friday closed up +0.005 (+0.15%).
Nat-gas prices climbed to a 2.5-month nearest-futures high on Friday and settled slightly higher on the outlook for above-normal US temperatures next month, potentially boosting nat-gas demand from electricity providers to power increased air-conditioning usage. Â Forecaster Vaisala said Friday that above-average temperatures are expected to span across much of the northern two-thirds of the US for June 8-12.
The outlook for the Strait of Hormuz to remain closed for the foreseeable future is supportive for nat-gas as the closure will curb Middle Eastern nat-gas supplies, potentially boosting US nat-gas exports to make up for the shortfall. Â
US (lower-48) dry gas production on Friday was 110.6 bcf/day (+2.0% y/y), according to BNEF. Â Lower-48 state gas demand on Friday was 67.7 bcf/day (-1.9% y/y), according to BNEF. Â Estimated LNG net flows to US LNG export terminals on Friday were 18.5 bcf/day (+2... Read more
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