Natural Gas Mini Futures Market News and Commentary
June Nymex natural gas (NGM22) on Thursday closed down -0.055 (-0.65%).
Nat-gas prices Thursday posted moderate losses as a mixed weather outlook weighed on nat-gas prices. Maxar Technologies on Thursday said below-normal temperatures are expected for Texas and the Central U.S. from May 24-28, while above-normal temperatures are expected for the Southwest. Also, above-normal temperatures are expected for most of the U.S. from May 29-June 2.
The Energy Information Administration last Tuesday said that "natural gas demand will exceed supply through 2022" and projected that U.S. nat-gas futures would average $7.42 million British thermal units this year, 42% higher than a previous forecast a month ago.
Nat-gas prices have support after Russia recently said that foreign buyers of its gas would need to open special ruble and foreign currency accounts by the end of this month to buy Russian gas. Russia has already halted nat-gas shipments to Bulgaria and Poland for no... Read more