Natural Gas Futures Market News and Commentary
Jan Nymex natural gas (NGH21) on Thursday closed down -0.273 (-9.82%).
Jan nat-gas prices on Thursday plunged to a 1-3/4 month nearest-futures low and closed sharply lower. Forecasts for warmer-than-normal U.S. temperatures fueled fund selling of nat-gas futures on Thursday. The National Oceanic Atmospheric Administration (NOAA) on Thursday forecast above-normal temperatures for the Midwest, Northeast, and West from Dec 8-12. Maxar on Wednesday said that much warmer temperatures are expected for the Northeast and northern Midwest from Dec 12-16.
The outlook for warmer-than-normal U.S. winter temperatures is bearish for nat-gas prices. Maxar predicts this winter will be the 13th warmest winter for energy demand going back to 1950. Also, the Climate Prediction Center said that this year's La Nina weather pattern would lead to warmer-than-normal winter temperatures from California to Florida that will reach up the East Coast. In addition, the Weather Co... Read more