Natural Gas Futures Market News and Commentary
Aug Nymex natural gas (NGQ20) on Friday closed up +0.026 (+1.46%).
Nat-gas prices on Friday shook off early losses and moved higher on forecasts for hot temperatures to continue. The Weather Company said on Friday that temperatures would be above normal in parts of the Southwest and most of the eastern third of the U.S. during July 15-19, with heat intensifying across the Midwest and Northeast the following week. The hot temperatures should boost nat-gas demand from power companies to drive increased air-conditioning demand. BNEF estimates that nat-gas demand from power generators was 41.2 bcf/d on Monday, an all-time high for that day in data going back to 2014.
Nat-gas prices initially opened lower Friday on the growing concern that the resurgence of coronavirus infections will slow economic activity and undercut nat-gas demand. The U.S. reported a record of 61,791 new coronavirus infections on Thursday. Florida, Texas, and California all reported record deaths from... Read more