Natural Gas Nov '21 (NGX21)
Natural Gas Futures Market News and Commentary
October Nymex natural gas (NGV26) on Monday closed up +0.047 (+1.63%).
Nat-gas prices settled higher on Monday as forecasts for triple-digit temperatures over the coming week in the US will boost nat-gas demand from electricity providers to power increased air-conditioning use. According to NatGasWeather.com, near-record high temperatures are expected in the southern and eastern US and across most of the East Coast from August 31-September 5.
Gains in nat-gas prices were limited on Monday on signs of ramped-up US production. On Sunday, lower-48 state US dry gas production rose to a near-record 115.0 bcf/day.
As a positive factor for gas prices, the Edison Electric Institute reported last Wednesday that US (lower-48) electricity output in the week ended August 22 rose +6.1% y/y to 100,895 GWh (gigawatt hours). Also, US electricity output in the 52 weeks ending August 22 rose +2.2% y/y to 4,365,212 GWh.
US (lower-48) dry gas production on Monday was 114.6 b... Read more
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