Natural Gas Jun '23 (NGM23)
Natural Gas Futures Market News and Commentary
September Nymex natural gas (NGU26) on Friday closed up +0.006 (+0.22%).
Nat-gas prices closed higher on Friday as forecasts indicated warm US weather in the final weeks of August, which would boost nat-gas demand from utilities to meet increased air-conditioning demand. Commodity Weather Group is forecasting above-normal temperatures across the South in particular through the end of August. Vaisala is forecasting above-normal temperatures for the West for Aug 22-26.
As a bearish factor, the US Energy Information Administration (EIA) on Tuesday projected that US nat-gas storage levels will swell to 3,985 bcf at the end of October, the highest level in 10 years and 5% above the five-year average. US nat-gas inventories are currently +6.7% above their 5-year seasonal average, a sign of robust supplies.
Nat-gas prices have some negative carryover from last Tuesday when Energy Transfer announced that the Hugh Brinson pipeline will be able to operate at its full tr... Read more
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