Natural Gas Jun '24 (NGM24)
Natural Gas Futures Market News and Commentary
June Nymex natural gas (NGM26) on Monday closed up +0.153 (+5.55%).
Nat-gas prices rallied sharply on Monday and posted a 6-week nearest-futures high. Â Hot US weather forecasts that could potentially spark nat-gas demand from electricity providers to power increased air-conditioning usage boosted nat-gas prices on Monday. Â The National Oceanic and Atmospheric Administration (NOAA) forecasts well-above-normal temperatures for the eastern half of the US from May 18-24.
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
On April 17, nat-gas prices tumbled to a 1.5-year nearest-futures low amid robust US gas storage. Â EIA nat-gas inventories as of April 24 were +7.7% above their 5-year seasonal average, signaling abundant US nat-gas supplies. Â
Projections for higher US nat-gas p... Read more
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