Natural Gas Dec '20 (NGZ20)
Natural Gas Futures Market News and Commentary
September Nymex natural gas (NGU26) on Thursday closed down -0.077 (-2.75%).
Nat-gas prices closed lower on Thursday due to a +36 bcf rise in nat-gas inventories in the weekly EIA report, larger than market expectations of +31 bcf.
However, nat-gas prices remained underpinned by warm forecasts, which will boost nat-gas demand from utilities to meet increased air-conditioning demand. Forecasts are for above-average temps across the South and Southeast through August 22, according to Commodity Weather Group. Vaisala is forecasting above-normal temperatures for the West for Aug 22-26.
As a bearish factor, the US Energy Information Administration (EIA) on Tuesday projected that US nat-gas storage levels will swell to 3,985 bcf at the end of October, the highest level in 10 years and 5% above the five-year average. US nat-gas inventories are currently +6.7% above their 5-year seasonal average, a sign of robust supplies.
Nat-gas prices have some negative carr... Read more
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September Nymex natural gas (NGU26 ) on Thursday closed down -0.077 (-2.75%). Nat-gas prices closed lower on Thursday due to a +36 bcf rise in nat-gas...
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