Natural Gas Sep '24 (NGU24)
Natural Gas Futures Market News and Commentary
September Nymex natural gas (NGU26) on Wednesday closed up +0.072 (+2.60%).
Nat-gas prices rallied to a 1-month high on Wednesday and settled sharply higher. Forecasts for hot US weather that will boost nat-gas demand from electricity providers to power increased air-conditioning use pushed prices higher on Wednesday. The Commodity Weather Group said on Wednesday that forecasts shifted to hotter, with well-above-average temperatures expected across the eastern two-thirds of the US from August 31 through September 4.
Expectations for a smaller-than-normal increase in weekly US nat-gas storage also supported prices on Wednesday. The consensus is that Thursday’s weekly EIA nat-gas inventories will increase by +15 bcf for the week ended August 21, below the five-year average for the week of +33 bcf.
As a positive factor for gas prices, the Edison Electric Institute reported Wednesday that US (lower-48) electricity output in the week ended August 22 rose +6.1% y/y... Read more
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