Natural Gas Futures Market News and Commentary
Sep Nymex natural gas (NGU22) on Friday closed down by -0.058 (-0.71%). Sep Nymex natural gas on Friday fell moderately for a second day on negative carry-over from Thursday when weekly EIA nat-gas inventories rose +41 bcf, more than expectations of a +29 bcf increase. Losses in nat-gas prices were limited after Maxar Technologies said Friday that above-normal temperatures are expected from California to the central states from August 10-14.
A negative factor for nat-gas prices is higher U.S. gas production. Bloomberg reported Monday that U.S. natural gas production last week in the lower-48 states rose to a weekly record high of 98 bcf/day (+5% y/y) as producers took advantage of high prices. Lower-48 dry gas production on Friday was 96.3 bcf/day, up +3.2% y/y, according to Bloomberg.
Lower-48 state total gas demand on Friday was 74.4 bcf/day, up +9.8% y/y, according to Bloomberg NEF data. U.S. domestic nat-gas demand for power generation in July jumped by more tha... Read more