Mercados

Natural Gas Futures Gain with Support from Hotter June Outlook; Spot Prices Mixed

  • July settles 1.0 cents higher at $2.962; August up 1.1 cents to $2.976
  • “About as slow a day as expected in the natural market” following rally Thursday, says Bespoke
  • Hotter temperature outlook and bullish storage create “most serious test yet of whether resistance can be broken”: EBW’s Weissman
  • Spot prices gain in the West amid upstream restrictions on EPNG
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Bullish EIA Storage Miss, Potential June Heat Spark Natural Gas Futures Rally

  • July adds 6.7 cents to settle at $2.952, August up 6.0 cents to $2.965
  • “We see the market weighing a vast number of potential catalysts,” says Bespoke
  • Midday guidance “wasn’t quite as hot as the overnight data” for June 9-13: NatGasWeather
  • EPNG force majeure impacting >500 MMcf/d of flows, including some Permian production: Genscape
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Triple-Digit Build Expected as Natural Gas Futures Continue Slide; Spot Prices Mixed

  • July settles 1.8 cents lower at $2.885; August down 1.8 cents to $2.905
  • “If summer heat materializes as forecast, late June additions could easily fall back toward the 50-60 Bcf weekly range,” says Energy Aspects
  • EPNG force majeure to shut in Line 2000 for repairs
  • BREAKING: EIA reports a 96 Bcf storage injection for the week ending May 25
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Cooler Long-Range Temps Seen as Natural Gas Futures Retreat; Spot Prices Mixed

  • June contract expires 6.4 cents lower at $2.875; July down 6.0 cents to $2.903
  • “The market was probably positioned for a little bit of profit-taking,” says Powerhouse’s Thompson
  • Afternoon model guidance “increased some of the heat risks in the long-range that have been decreased over the last few days”: Bespoke
  • Subtropical Storm Alberto makes landfall in Florida -- impacts demand but not production, according to Genscape
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Milder East Temps Seen for Second Week of June as Natural Gas Futures Near Even

  • June settles at $2.939, down 0.1 cents; July down 0.8 cents to $2.963
  • Weather patterns somewhat bullish, “then becoming neutral” with milder temps in East June 6-10: NatGasWeather
  • NHC tracking Subtropical Storm Alberto Friday over northwestern Caribbean Sea, expected to impact Cuba, Florida and Gulf Coast through weekend
  • Crude oil futures take hit on OPEC possibly easing production cuts
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Natural Gas Futures Continue to Climb as EIA Storage Matches Estimates; Spot Prices Mixed

  • June contract adds 2.6 cents to settle at $2.940; July up 1.6 cents to $2.971
  • After cold April “saw an aggregate gas withdrawal for the month, the first three May injections have been above average,” notes Jefferies LLC
  • “This is a market that is indicating it is almost entirely weather-driven,” with reversal possible on colder trends for second week of June: Bespoke
  • Lower 48 demand on track to reach 60 Bcf/d mark by end of week, says Genscape’s Margolin
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