Natural Gas Mini Futures Market News and Commentary
January Nymex natural gas (NGF24) on Friday closed up +0.012 (+0.43%).
Nat-gas prices Friday shook off early losses and moved higher, as a weaker dollar sparked short covering in nat-gas futures. Nat-gas prices this week have been under pressure from the outlook for above-average U.S. temperatures, which will reduce heating demand for nat-gas. Forecaster Maxar Technologies said weather forecasts for much of the U.S. from Dec 6-10 show above-normal temperatures sweeping across the western to the central parts of the country. Also, most of the U.S. is seeing weather forecasts shifting warmer from Dec 11-15.
Lower-48 state dry gas production Friday was 104.9 bcf/day (+4.2% y/y), according to BNEF. Lower-48 state gas demand Friday was 89.6 bcf/day (-9.0% y/y), according to BNEF. LNG net flows to U.S. LNG export terminals Friday were 14.5 bcf/day (-1.2% w/w), according to BNEF.
High inventories caused by carryover from the mild 2022/23 winter and weak heating deman... Read more
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