Natural Gas Jun '24 (NGM24)
Natural Gas Futures Market News and Commentary
July Nymex natural gas (NGN26) on Monday fell -0.111 (-3.37%).
Nat-gas prices on Monday edged up to a new 2-month high but then fell back and closed sharply lower.
Nat-gas prices fell back amid weather forecasts by Vaisala of cooler weather in the East for June 6-10, although above-normal temperatures are expected in the upper two-thirds of the US for June 11-15.
The outlook for the Strait of Hormuz to remain closed for the foreseeable future is supportive of nat-gas prices, as the closure has curbed Middle Eastern nat-gas exports, potentially boosting US nat-gas exports to offset the shortfall.Â
US (lower-48) dry gas production on Monday was 107.5 bcf/day (+0.3% y/y), according to BNEF. Lower-48 state gas demand on Monday was 69.7 bcf/day (+10.0% y/y), according to BNEF. Estimated LNG net flows to US LNG export terminals on Monday were 17.8 bcf/day (-3.3% w/w), according to BNEF.
Projections for higher US nat-gas production are negative for prices. ... Read more
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