Natural Gas Nov '23 (NGX23)
Natural Gas Futures Market News and Commentary
July Nymex natural gas (NGN26) on Thursday closed up +0.122 (+3.79%).
Nat-gas prices rallied to a 2.5-week high on Thursday and settled sharply higher on the outlook for hotter US weather, potentially boosting nat-gas demand from electricity providers to power air-conditioning. The Commodity Weather Group on Thursday said above-average temperatures are expected across the Midwest and Northeast from June 30 to July 4.
Nat-gas prices briefly ticked lower on Thursday after weekly US gas storage levels rose more than expected. The EUA reported that nat-gas inventories rose by +76 bcf last week, above expectations of +69 bcf.Â
US (lower-48) dry gas production on Thursday was 112.0 bcf/day (+3.4% y/y), according to BNEF. Lower-48 state gas demand on Thursday was 72.9 bcf/day (-10.5% y/y), according to BNEF. Estimated LNG net flows to US LNG export terminals on Thursday were 19.1 bcf/day (+0.8% w/w), according to BNEF.
Projections for higher US nat-gas production... Read more
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