Natural Gas Oct '24 (NGV24)
Natural Gas Futures Market News and Commentary
July Nymex natural gas (NGN26) on Tuesday closed down -0.106 (-3.26%).
Nat-gas prices retreated on Tuesday amid forecasts for cooler US summer weather, which could potentially reduce nat-gas demand from electricity providers to power air-conditioning. The Commodity Weather Group on Tuesday said forecasts shifted cooler with below-average temperatures expected in the mid-Atlantic region for June 23-27.
Projections for higher US nat-gas production are negative for prices. On June 9, the EIA raised its forecast for 2026 US dry nat-gas production to 111.0 bcf/day from a May estimate of 110.6 bcf/day.
US (lower-48) dry gas production on Tuesday was 111.5 bcf/day (+3.0% y/y), according to BNEF. Lower-48 state gas demand on Tuesday was 72.8 bcf/day (+10.1% y/y), according to BNEF. Estimated LNG net flows to US LNG export terminals on Tuesday were 19.1 bcf/day (-1.4% w/w), according to BNEF.
Nat-gas prices have medium-term support on the outlook for tighter global... Read more
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