Natural Gas Jun '24 (NGM24)
Natural Gas Futures Market News and Commentary
May Nymex natural gas (NGK26) on Thursday closed up +0.037 (+1.42%).
Nat-gas prices settled higher on Thursday as a mixed US weather forecast sparked short-covering in nat-gas futures. Â The Commodity Weather Group said that forecasts shifted cooler across the eastern two-thirds of the US through April 20, but above-average temperatures are expected in the eastern US and the Upper Midwest from April 21-25.
On Tuesday, nat-gas prices sank to a 17-month low due to above-normal spring temperatures that have reduced US nat-gas heating demand and expanded storage levels. Â
Projections for higher US nat-gas production are negative for prices. Â Last Tuesday, the EIA raised its forecast for 2026 US dry nat-gas production to 109.59 bcf/day from a March estimate of 109.49 bcf/day. Â US nat-gas production is currently near a record high, with active US nat-gas rigs posting a 2.5-year high in late February.
US (lower-48) dry gas production on Thursday was 110.7 bcf/day (+3... Read more
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