Natural Gas Dec '24 (NGZ24)
Natural Gas Futures Market News and Commentary
August Nymex natural gas (NGQ26) on Thursday closed down -0.200 (-6.23%).
Nat-gas prices tumbled to a 1.5-month low on Thursday and settled sharply lower. Above-average weekly US nat-gas storage levels undercut prices. The EIA reported on Thursday that weekly EIA nat-gas inventories rose by +61 bcf for the week ended July 3, above the five-year average for the week at +51 bcf.Â
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 Thursday was 113.5 bcf/day (+6.8% y/y), according to BNEF. Lower-48 state gas demand on Thursday was 78.1 bcf/day (+0.1% y/y), according to BNEF. Estimated LNG net flows to US LNG export terminals on Thursday were 19.0 bcf/day (-1.0% w/w), according to BNEF.
Projections for higher US nat-gas production are negative fo... Read more
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