Natural Gas Oct '19 (NGV19)
Natural Gas Futures Market News and Commentary
Nov Nymex natural gas (NGX19) on Tuesday closed up by +0.034 (+1.52%). Nov nat-gas prices settled higher Tuesday on forecasts for colder temperatures in the central U.S., which should bolster heating demand for nat-gas. NOAA on Tuesday forecast a higher chance of below-normal temperatures in the U.S. West and Midwest over the next 6-10 days. High U.S. nat-gas production continues to be a bearish factor with lower-48 nat-gas production Tuesday up +7.3% y/y at 93.599 bcf/d. Strong U.S. nat-gas output has caused U.S. nat-gas inventories to rise sharply in recent months to the current level of +14.5% y/y from -22.3% y/y in March. Last Thursday's 104 bcf increase in nat-gas supplies pushed nat-gas inventories up to a 1-3/4 year high of 3,519 bcf the week of Oct 11. Inventories are up +15.9% y/y and up +0.4% above the 5-year average, the first week that nat-gas inventories have been above the 5-year average in more than 2 years. Read more
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