Natural Gas Futures Market News and Commentary
Jan WTI crude oil (CLF23) this morning is up +2.22 (+2.76%), and Jan RBOB gasoline (RBF23) is up +0.50 (+0.21%). Jan Nymex natural gas (NGF23) is down -0.019 (-0.27%).
Crude oil and gasoline prices this morning are moderately higher, with crude climbing to a 2-week high. A slump in the dollar index to a 3-1/2 month low today is bullish for energy prices. Also, crude is climbing on expectations that energy demand will improve in China after the government eased Covid restrictions. Finally, crude has support on signs OPEC+ may curb crude output after OPEC+ delegates said the group might consider deeper crude production supply cuts when they meet this Sunday.
Jan nat-gas is moderately lower and fell to a 1-1/2 week low after weekly EIA nat-gas stockpiles fell less than expected. The EIA reported nat-gas inventories fell -81 bcf, below expectations of an -86 bcf decline. Losses in nat-gas prices were limited by forecasts for colder U.S. weather, which will boost heat... Read more