Natural Gas Sep '24 (NGU24)
Natural Gas Futures Market News and Commentary
September Nymex natural gas (NGU26) on Thursday closed up +0.065 (+2.29%).
Nat-gas prices climbed to a 1-month high on Thursday and settled sharply higher on forecasts for hotter US weather, potentially boosting nat-gas demand from electricity providers to power increased air-conditioning use. Record high temperatures are expected across the Southwest through this weekend, and the Commodity Weather Group said on Thursday that above-average temperatures are expected across nearly the entire US from September 1-10.
A below-average build in weekly US nat-gas storage also boosted prices on Thursday as EIA nat-gas inventories rose 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 to 100,895 GWh (gigawatt hours). Also, US electricity output in the 52 weeks end... Read more
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