Natural Gas Futures Market News and Commentary
Mar Nymex natural gas (NGH20) this morning is down by -0.069 (-3.62%).
Nat-gas prices dropped sharply to a 1-week low this morning as the outlook for colder temperatures across the U.S. dissipated. NOAA today said that the chances of colder-than-normal temperatures in the Eastern U.S. 6-10 days out declined from previous forecasts. Also, Commodity Weather Group LLC on Friday said the U.S. weather outlook for early March turned "much warmer," which should reduce heating demand for nat gas.
Mar nat-gas plunged to a 3-3/4 year low last week as warm U.S. winter temps have curbed heating demand for nat-gas and boosted supplies. According to Energy Weather Group, the U.S. winter through January is the second warmest winter season in 70 years, which has reduced heating demand for nat-gas and elevated nat-gas inventories.
Also, demand concerns are weighing on nat-gas prices after Spanish-utility Naturgy Energy Group last Thursday canceled a nat-gas cargo from Cheniere E... Read more