Natural Gas Futures Market News and Commentary
March Nymex natural gas (NGH23) on Friday closed down -0.046 (-1.87%).
March nat-gas Friday tumbled to a 2-year nearest-futures low and closed moderately lower. The main bearish factor is a warmer-than-normal U.S. winter that has curbed heating demand for nat gas and boosted inventories. Thursday's EIA report showed that U.S. nat-gas inventories are 6.7% above the five-year average, the biggest surplus in 2 years. In addition, the Commodity Weather Group said temperatures would climb to above-normal levels across the eastern half of the U.S. next week, easing heating demand and potentially boosting nat-gas inventories even higher.
A report last Friday from Rystad Energy weighed on gas prices when Rystad said nat-gas prices might fall to as low as $2 per million British thermal units in the next few months as rising supplies are poised to outpace demand.
EBW Analytics Group said in a note to clients last Wednesday that nat-gas prices are facing "extended downsi... Read more