Natural Gas Nov '13 (NGX13)
Natural Gas Futures Market News and Commentary
July Nymex natural gas (NGN26) on Monday fell -0.082 (-2.54%).
Nat-gas prices tumbled to a 1-week low on Monday and settled sharply lower. Prices fell Monday as shifting US weather forecasts to milder conditions in the second half of June could reduce nat-gas demand from electricity providers to generate power for air-conditioning. On Monday, forecaster Vaisala said forecasts shifted cooler in the eastern two-thirds of the US for June 13-17, and forecasts also trended cooler for June 18-22.
The outlook for the Strait of Hormuz to remain closed for the foreseeable future is supportive of nat-gas prices, as the closure has curbed Middle Eastern nat-gas exports, potentially boosting US nat-gas exports to offset the shortfall.
US (lower-48) dry gas production on Monday was 112.1 bcf/day (+3.7% y/y), according to BNEF. Lower-48 state gas demand on Monday was 72.4 bcf/day (+8.7% y/y), according to BNEF. Estimated LNG net flows to US LNG export terminals on Monday we... Read more
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