Natural Gas Futures Market News and Commentary
February Nymex natural gas (NGG22) on Thursday closed down by -0.229 (-5.68%).
On Thursday, natural gas prices extended Wednesday's sharp losses down to a 2-week low. The outlook for warmer U.S. temperatures at the end of this month that curb heating demand for nat-gas weighs on prices. Atmospheric G2 on Thursday said that forecasts shifted warmer for the southern and eastern U.S. from Jan 30-Feb 3. The outlook for ample U.S. nat-gas supplies is also bearish for prices. A BNEF report said U.S. nat-gas inventories held in salt caverns and depleted aquifers are seen at 1.78 tcf when the withdrawal season ends in early April, +6.7% above the 5-year average for the period. In addition, U.S. nat-gas production reached a daily average of 97.1 bcf in December, the highest ever in data going back to 2010.
Recent below-normal temperatures in the U.S. are boosting domestic U.S. nat-gas demand as BNEF data shows lower 48-state nat-gas demand Thursday was 110.2 bcf, up +16.5%... Read more