Natural Gas Futures Market News and Commentary
July Nymex natural gas (NGN22) on Friday closed down -0.019 (-0.30%).
Nat-gas prices Friday extended Thursday's losses to a new 2-1/2 month low and closed moderately lower. Nat gas prices were weighed down by negative carry-over from Thursday's EIA data that showed a bigger than expected build in weekly EIA nat-gas supplies is weighing on prices. Also, signs of normal U.S. weather that will curb nat-gas demand from electricity providers to power air-conditioning are bearish for prices after Atmospheric G2 said Friday that most of the U.S. should see normal temperatures from June 29-July 3.
Nat-gas prices are being undercut by the outlook for rising U.S. nat-gas inventories due to reduced exports. Freeport LNG last Friday declared force majeure on its LNG shipments loading from its fire-damage export plant until the first week of September. The Freeport terminal said last Tuesday that it is targeting 90 days for a partial restart, but a return to full operations isn'... Read more