Cooling Demand Still Seen Supportive into Early June as Natural Gas Futures Climb

  • June settles 0.6 cents higher at $2.914, July up 1.9 cents to $2.955
  • Weather guidance, after trending hotter this week, has “only trended more impressive,” says Bespoke
  • Rover wrapping up construction, but questions remain on timing of remaining FERC approvals: Genscape
  • BREAKING: EIA reports that 91 Bcf was injected into underground storage for the week ending May 18
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Natural Gas Futures Rally Sharply on Hotter Medium-Term Weather Trends

  • June settles at $2.908, up 9.8 cents d/d
  • Overnight forecasts trended hotter, were “likely to ignite the natural gas market,” says Bespoke
  • “Can’t really get too bearish until there’s some confidence” in refilling storage to “healthy amount” by November, says INTL FCStone’s Saal
  • U.S. natural gas market no longer self-correcting with supply surges from associated gas: Bernstein
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Bulls Fail Test of Resistance as Natural Gas Futures Pull Back; Spot Market Climbs on Cooling Demand

  • June settles at $2.836, down 0.6 cents
  • Prices pulled back from $2.85-2.87 resistance, afternoon forecasts “not particularly impressive,” says Bespoke
  • Weekly May storage injections seen approaching triple digits, “superficially bearish” but needed to make up deficits: Energy Aspects
  • Prices higher in Texas, Midwest as Energy GPS says May power burns higher y/y
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