Natural Gas Futures Market News and Commentary
October Nymex natural gas (NGV21) on Friday closed down -0.120 (-2.35%).
Oct nat-gas on Monday fell to a 1-week low and settled moderately lower. A mixed weather outlook weighed on nat-gas prices Monday after Maxar said that above-normal temperatures are expected across the Rockies and Plains, and below-normal temperatures are expected in the Southeast from Sep 25-29.
A supportive factor for nat-gas prices is concern that it may take longer for U.S nat-gas production to resume in the Gulf of Mexico after Royal Dutch Shell said that its nat-gas platforms in the Gulf of Mexico received more damage from Hurricane Ida than initially suspected. As of Monday afternoon, 26.8% of offshore U.S. gas production was still shut down because of Hurricane Ida.
Oct nat-gas prices last Wednesday rallied to a new 7-1/2 year nearest-futures high on concern about tight supplies. An increase in U.S. domestic nat-gas usage this summer due to above-average temperatures and the impac... Read more