Natural Gas Nov '24 (NGX24)
Natural Gas Futures Market News and Commentary
September Nymex natural gas (NGU26) on Tuesday closed down -0.012 (-0.43%).
Nat-gas prices settled lower on Tuesday in sympathy with the -3% plunge in crude oil prices to a 1-week low. Losses in nat-gas were limited on Tuesday amid forecasts for hot US weather, potentially boosting nat-gas demand from electricity providers to power air conditioning use. The Commodity Weather Group said on Tuesday that forecasts shifted to hotter, with above-average temperatures expected across the Gulf, Midwest, and Mid-Atlantic from August 30 through September 8.
US (lower-48) dry gas production on Tuesday was 110.9 bcf/day (+1.4% y/y), according to BNEF. Lower-48 state gas demand on Tuesday was 77.9 bcf/day (+2.8% y/y), according to BNEF. Estimated LNG net flows to US LNG export terminals on Tuesday were 17.4 bcf/day (-2.9% w/w), according to BNEF.
As a positive factor for gas prices, the Edison Electric Institute reported last Wednesday that US (lower-48) electricity output i... Read more
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