Natural Gas Nov '23 (NGX23)
Natural Gas Futures Market News and Commentary
May Nymex natural gas (NGK26) on Friday closed down -0.091 (-3.48%).
Nat-gas prices sank to a 1.5-year low on Friday and settled sharply lower. Â Growing US nat-gas stockpiles and above-normal US spring temperatures, which will reduce nat-gas heating demand even further and add to already burgeoning inventories, are weighing on prices. Â EIA nat-gas inventories as of April 17 were +7.1% above their 5-year seasonal average, signaling abundant US nat-gas supplies. Â
Projections for higher US nat-gas production are negative for prices. Â On April 7, the EIA raised its forecast for 2026 US dry nat-gas production to 109.59 bcf/day from a March estimate of 109.49 bcf/day. Â US nat-gas production is currently near a record high, with active US nat-gas rigs posting a 2.5-year high in late February.
The outlook for the Strait of Hormuz to remain closed for the foreseeable future is supportive for nat-gas as the closure will curb Middle Eastern nat-gas supplies, potentially boo... Read more
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Barchart · Fri Apr 24, 2:16PM CDT
May Nymex natural gas (NGK26 ) on Friday closed down -0.091 (-3.48%). Nat-gas prices sank to a 1.5-year low on Friday and settled sharply lower. Growing...
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