Natural Gas Futures Market News and Commentary
Oct Nymex natural gas (NGV20) on Thursday closed up +0.123 (+5.79%).
Oct nat-gas prices on Thursday extended Wednesday's sharp gains up to a 1-week high. A smaller-than-expected build in weekly nat-gas supplies fueled Thursday's rally in nat-gas prices. The EIA on Thursday reported that nat-gas inventories rose +66 bcf last week, below consensus of +77 bcf and well below the 5-year average for this time of year of +80 bcf.
Nat-gas prices were already in rally mode on the outlook for colder temperatures to move into the lower 48 U.S. states later this month, which should boost heating demand for nat-gas. The Commodity Weather Group on Thursday said colder-than-normal temperatures are expected for the eastern half of the U.S in 6-10 days, while warmer temperatures pervade in the West. Maxar, on Wednesday, said that widespread cold is poised to sweep the eastern half of the U.S. during Sep 28-Oct 7.
Increased export demand for U.S. nat-gas supplies is another suppo... Read more