Natural Gas Futures Market News and Commentary
Jan Nymex natural gas (NGF23) on Monday closed down -0.704 (-11.21%).
Jan nat gas Monday plunged to a 6-week nearest-futures low and closed sharply lower on the outlook for above-normal U.S. temperatures that would curb heating demand for nat-gas. Forecaster Atmospheric G2 on Monday said that U.S. weather forecasts have trended "notably warmer across the eastern and central U.S. since last Friday,” with well above-normal temperatures seen east of the Rockies from Dec 10-14.
Nat-gas prices were already on the defensive from last Friday after the Freeport LNG export terminal said that it expects to restart its facility around year-end, a further delay from its previous indication of a mid-December restart. The closure of the facility has been bearish for nat-gas prices since the reduction in LNG exports has boosted U.S. nat-gas inventories.
Lower-48 state dry gas production on Monday was 100.5 bcf (+3.8% y/y), modestly below the record high of 103.6 bcf posted on O... Read more