Natural Gas Sep '22 (NGU22)
Natural Gas Futures Market News and Commentary
June Nymex natural gas (NGM26) on Thursday closed up +0.120 (+4.53%).
Nat-gas prices rallied sharply on Thursday due to a smaller-than-expected build in nat-gas storage. Â The EIA reported Thursday that nat-gas inventories rose by +79 bcf for the week ended April 24, below expectations of +83 bcf.
Nat-gas prices also have support on expectations of below-normal US temperatures, which could boost nat-gas heating demand. Â The Commodity Weather Group said Thursday that below-average temperatures are expected across the eastern half of the US through May 4.
Last Friday, 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 US nat-gas supplies. Â
Projections for higher US nat-gas production are negative for prices. Â On April 7, the EIA raised its forecast for 2026 US dry nat-gas production to 109.59 bcf/day from a March estimate... Read more
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