Natural Gas Jul '22 (NGN22)
Natural Gas Futures Market News and Commentary
June Nymex natural gas (NGM26) on Monday closed up +0.087 (+3.13%).
Nat-gas prices rallied to a 4-week nearest-futures high on Monday and settled sharply higher. Â Nat-gas prices have support on the outlook for below-normal US temperatures in the near term, which could potentially boost nat-gas heating demand. Â Below-average temperatures are expected across much of the US Midwest through May 13, according to the Commodity Weather Group. Â Monday's +4% surge in WTI crude oil prices also provided carry-over support to nat-gas prices.
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 U... Read more
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June Nymex natural gas (NGM26 ) on Monday closed up +0.087 (+3.13%). Nat-gas prices rallied to a 4-week nearest-futures high on Monday and settled sharply...
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