Natural Gas Oct '17 (NGV17)
Natural Gas Futures Market News and Commentary
September Nymex natural gas (NGU26) on Monday closed down -0.043 (-1.57%).
Nat-gas prices fell to a 1-week low on Monday and settled lower as US weather forecasts shifted cooler, potentially reducing demand from electricity providers to power air conditioning. The Commodity Weather Group said on Monday that the outlook for US weather shifted cooler, with average to below-average temperatures expected across the eastern US from August 22-31.
As a bearish factor, the US Energy Information Administration (EIA) last Tuesday projected that US nat-gas storage levels will swell to 3,985 bcf at the end of October, the highest level in 10 years and 5% above the five-year average. US nat-gas inventories are currently +6.7% above their 5-year seasonal average, a sign of robust supplies.
Nat-gas prices have some negative carryover from August 4, when Energy Transfer announced that the Hugh Brinson pipeline will be able to operate at its full transportation capacity of 1.5... Read more
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