Natural Gas Futures Reverse Monday’s Gains Amid Production Concerns

  • September down 1.5 cents to $2.782, October down 1.9 cents to $2.798
  • “With this weak strip and production so heavy,” $2.85 “very likely to hold this week,” says Bespoke
  • Market expects “overall supply length will compensate for the lack of supply stored in the ground”: Energy Aspects
  • Constraints on NGPL, Enable help sink Midcontinent spot prices
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Storage, Heat Help August Natural Gas Futures Rally Ahead of Expiration; SoCal Drops

  • August expires at $2.822 after rallying 4.2 cents; September up 2.0 cents to settle at $2.782
  • “Risk weakly skewed higher” but storage concerns “not yet high enough” for breakout, says Bespoke
  • Midday forecasts show more heat for east-central U.S. Aug. 4-8: NatGasWeather
  • SoCal Citygate down $7.16 d/d as lighter weekend demand expected
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Another Bullish EIA Report Not Enough for Natural Gas Market Focused on Production

  • August adds 0.5 cents to $2.780, September up 0.7 cents to $2.762
  • New highs earlier in week gave “some hope that prices could mover higher, but that has not been the case,” says Powerhouse’s Levine
  • “Though this level of complacency appears increasingly risky,” market unphased by storage deficits: Bespoke
  • SoCal Citygate adds 78 cents d/d as heat continues
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Natural Gas Futures Stable One Day After Storage-Driven Rally; SoCal Ascent Continues

  • August down 1.2 cents to $2.757, September down 0.8 cents to $2.728
  • “It’s up to hotter patterns gaining momentum in early August” to shift weather outlook to bullish, says NatGasWeather
  • After lean EIA build, market ~1.0 Bcf/d undersupplied, weather-adjusted: TPH
  • SoCal Citygate sets summer record on heat, constraints, notes Genscape
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