Natural Gas Futures Market News and Commentary
Sep Nymex natural gas (NGU20) on Thursday closed down -0.026 (-1.19%).
Sep nat-gas prices on Thursday retreated from a 7-1/2 month nearest-futures high and closed lower on demand concerns. Over 1 million customers are still without power on the U.S. East Coast due to damage from Tropical Storm Isaias, which is curbing nat-gas demand from business and residential customers. Nat-gas prices also fell back Thursday after weekly EIA nat-gas inventories climbed 33 bcf, above consensus of 30 bcf and right on the 5-year average.
Nat-gas prices initially rallied to 7-1/2 month high Thursday morning on forecasts for warmer U.S. temperatures to persist, which should boost nat-gas demand from power plants to run air conditioners. Maxar said today that above-normal temperatures are expected across most lower 48 states from August 11-20.
Temperatures during July were the hottest in 20 years, according to BNEF. Also, the U.S. Climate Prediction Center recently forecast warmer-... Read more