Natural Gas Jun '24 (NGM24)
Natural Gas Futures Market News and Commentary
July Nymex natural gas (NGN26) on Monday closed up +0.020 (+0.62%).
Nat-gas prices rallied to a 3-week nearest-futures high on Monday and settled higher as forecasts for hotter US weather indicate higher nat-gas demand for gas-fired electricity.Â
Forecasts of warmer-than-normal US weather are supportive of nat-gas prices, as warmer temperatures may boost nat-gas demand from electricity providers to power air-conditioning. The Commodity Weather Group on Monday said above-average temperatures are expected across most of the US from July 2-6.Â
US (lower-48) dry gas production on Monday was 109.6 bcf/day (+1.5% y/y), according to BNEF. Lower-48 state gas demand on Monday was 71.0 bcf/day (-2.0% y/y), according to BNEF. Estimated LNG net flows to US LNG export terminals on Monday were 19.3 bcf/day (+0.9% w/w), according to BNEF.
Nat-gas prices have medium-term support on the outlook for tighter global LNG supplies. On March 19, Qatar reported “extensive damage... Read more
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