Natural Gas Nov '23 (NGX23)
Natural Gas Futures Market News and Commentary
July Nymex natural gas (NGN26) on Friday rose +0.033 (+1.07%).
Nat-gas prices on Friday rallied +1.07%, overcoming part of Thursday’s sharp sell-off of -3.08% that was sparked by news that EIA nat-gas inventories rose by +108 bcf the week ended June 5, above expectations of +100 bcf.Â
Nat-gas prices on Friday found support on news of higher gas flows through LNG export terminals, which indicated stronger demand for US gas.Â
However, gains were curbed by forecasts for cooler weather in the coming weeks. The Commodity Weather Group predicted below-average temperatures across the Midwest through June 16.
US (lower-48) dry gas production on Friday was 111.7 bcf/day (+4.2% y/y), according to BNEF. Lower-48 state gas demand on Friday was 75.9 bcf/day (+9.1% y/y), according to BNEF. Estimated LNG net flows to US LNG export terminals on Friday were 19.1 bcf/day (+11.9% w/w), according to BNEF.
Nat-gas prices have medium-term support on the outlook for tighte... Read more
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