Natural Gas Dec '23 (NGZ23)
Natural Gas Futures Market News and Commentary
August Nymex natural gas (NGQ26) on Wednesday closed up +0.020 (+0.69%).
Nat-gas prices settled higher on Wednesday as forecasts for above-average US temperatures are expected to boost nat-gas demand from electricity suppliers to power air-conditioning. The Commodity Weather Group on Wednesday said forecasts shifted hotter, with above-average temperatures expected across most of the Northern US through July 19.
A bearish factor for nat-gas prices in the medium term is speculation that a powerful El Niño weather system will bring warmer-than-normal temperatures to the Northern Hemisphere this fall and winter, reducing nat-gas heating demand.Â
US (lower-48) dry gas production on Wednesday was 111.2 bcf/day (+3.2% y/y), according to BNEF. Lower-48 state gas demand on Wednesday was 83.1 bcf/day (+4.1% y/y), according to BNEF. Estimated LNG net flows to US LNG export terminals on Wednesday were 17.8 bcf/day (-3.3% w/w), according to BNEF.
Projections for higher... Read more
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