Natural Gas Futures Market News and Commentary
January Nymex natural gas (NGF24) on Monday closed down -0.120 (-4.26%).
Nat-gas prices Monday tumbled to a 2-1/4 month low and closed sharply lower as persistently weak domestic demand for nat-gas is boosting nat-gas inventories. Warmer-than-average U.S. temperatures are curbing heating demand for nat-gas and are weighing on prices. Forecaster Atmospheric G2 said weather forecasts are "significantly warmer" in the northeast and southwest between Dec 9-12.
Lower-48 state dry gas production Monday was 105.3 bcf/day (+4.8% y/y), according to BNEF. Lower-48 state gas demand Monday was 88.8 bcf/day (-5.4% y/y), according to BNEF. LNG net flows to U.S. LNG export terminals Monday were 14.5 bcf/day (-0.6% w/w), according to BNEF.
High inventories caused by carryover from the mild 2022/23 winter and weak heating demand have undercut nat-gas prices. Gas storage across Europe was 97% full as of November 26, above the 5-year seasonal average of 86% full for this time of... Read more