Natural Gas Mini Jul '23 (QGN23)
Natural Gas Mini Futures Market News and Commentary
August Nymex natural gas (NGQ26) on Wednesday closed up +0.060 (+2.09%).
Nat-gas prices settled sharply higher on Wednesday amid forecasts for hotter US weather, potentially boosting nat-gas demand from electricity providers to power increased air-conditioning usage. The Commodity Weather Group on Wednesday said that weather forecasts shifted hotter, with above-average temperatures expected across the Central US from July 27-31.
Limiting gains in nat-gas prices on Wednesday is a concern that Tropical Storm Bertha could disrupt liquefied natural gas (LNG) export facilities on the US Gulf Coast over the next several days, leading to reduced nat-gas exports and larger domestic supplies.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 Wednesd... Read more
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