Natural Gas Jul '20 (NGN20)
Natural Gas Futures Market News and Commentary
June Nymex natural gas (NGM26) on Wednesday closed down -0.058 (-2.08%).
Nat-gas prices settled lower for a second day on Wednesday on concerns that a decline in US LNG exports will lead to higher US nat-gas inventories. Â On Wednesday, nat-gas flows to US liquefied natural gas (LNG) export terminals fell to the lowest level in more than three months, leaving more supplies in the domestic market. Â According to BNEF data, LNG flows to US Gulf coast export terminals fell to 17.7 bcf on Wednesday, the lowest since late January, due to seasonal maintenance. Â The larger domestic nat-gas supplies could boost US storage levels that are already +7.7% above their five-year average as of April 24.
Negative carryover from Wednesday's -7% plunge in WTI crude oil prices also weighed on nat-gas prices, as hopes for an end to the US-Iran war raised the possibility of the reopening of the Strait of Hormuz.
On Monday, nat-gas prices rallied to a 1-month nearest-futures high on the o... Read more
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