Natural Gas Futures Market News and Commentary
January Nymex natural gas (NGF24) on Wednesday closed down -0.033 (-1.16%).
Nat-gas prices Wednesday posted moderate losses and have closed lower for four consecutive sessions. Forecasts for milder U.S. weather that curb heating demand for nat-gas are undercutting prices. Forecaster Atmospheric G2 said Wednesday that temperatures will be generally mild over North America over the next 10+ days. Also, a negative carryover from Wednesday's slide in European nat-gas prices to a 7-week low undercut U.S. nat-gas prices.
Lower-48 state dry gas production Wednesday was 104.3 bcf/day (+3.6% y/y), according to BNEF. Lower-48 state gas demand Wednesday was 97.5 bcf/day (+20.9% y/y), according to BNEF. LNG net flows to U.S. LNG export terminals Wednesday were 14.4 bcf/day (-2.7% w/w), according to BNEF.
High inventories caused by carryover from the mild 2022/23 winter and weak heating demand have undercut nat-gas prices. Gas storage across Europe was 97% full as of No... Read more