Natural Gas Jul '24 (NGN24)
Natural Gas Futures Market News and Commentary
June Nymex natural gas (NGM26) on Thursday closed up +0.039 (+1.43%).
Nat-gas prices recovered from early losses on Thursday and settled higher on a smaller-than-expected build in weekly US nat-gas supplies. Â Short covering emerged in nat-gas futures on Thursday after the EIA reported that weekly nat-gas inventories rose by +63 bcf in the week ended May 1, below expectations of +72 bcf.
On Monday, nat-gas prices rallied to a 1-month nearest-futures high on the outlook for below-normal US temperatures in the near term, which could potentially boost nat-gas heating demand. Â
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 t... Read more
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June Nymex natural gas (NGM26 ) on Thursday closed up +0.039 (+1.43%). Nat-gas prices recovered from early losses on Thursday and settled higher on a smaller-than-expected...
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