Natural Gas Futures Market News and Commentary
November Nymex natural gas (NGX21) on Friday closed down -0.277 (-4.87%).
Nov nat-gas prices on Friday gave up an early advance and settled sharply lower. Nat-gas prices sank on negative carry-over from a sharp decline in European gas prices after Russia said it might soon offer additional volumes of nat-gas to Europe. Nat-gas prices were also under pressure Friday from forecasts for mild U.S. temperatures, which should curb nat-gas demand for heating. The Commodity Weather Group on Friday said that most of the U.S. will see average temperatures from Oct 20-24, with above-normal temperatures along the East Coast.
U.S. nat-gas prices have recently seen support from a sharp rally in European nat-gas prices, driven by the fact that European nat-gas inventories are at the lowest seasonal level in more than ten years.
An increase in U.S. domestic nat-gas usage this summer due to above-average temperatures and the impact from several Gulf hurricanes have limited the... Read more