Natural Gas Futures Market News and Commentary
Jul Nymex natural gas (NGN20) this morning is down -0.029 (-1.49%).
Jul nat-gas prices are weaker this morning on forecasts for more seasonable temperatures in the U.S., which should curb demand for nat-gas and electricity to run air conditioning. The Commodity Weather Group said today that temperatures will be mostly seasonable across the central U.S. over the next 5 days with less intense warmth in the Northeast during this period. Also, the central U.S. will warm up again June 1-5, while the Northeast drops to below-average temperatures.
U.S. nat-gas output continues to decline, which is supportive for nat-gas prices. U.S. lower-48 state nat-gas production today fell by -7.6% y/y to 83.098 bcf/d, the twentieth consecutive day that nat-gas production has fallen on a year-on-year basis.
Nat-gas prices also have support on increased Chinese demand after China customs data on Tuesday showed China imported 218,323 MT of LNG from the U.S. in April, the first LNG im... Read more