Mercados

Natural Gas Futures Gain on Drop in Production, Weather-Driven Demand

  • June Nymex futures up 3.8 cents to $2.659; July up 3.6 cents to $2.689
  • Lower 48 production posts “hefty” 2.7 Bcf/d-plus decline day/day due to maintenance: Genscape
  • “The coming pattern is still viewed as having a bearish bias when considering the current streak of larger than normal builds will soon extend to more than 10 weeks,” says NatGasWeather
  • Gulf Coast Express could “unleash a wave of new supply” from Permian, says BTU’s Scott
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Weather Outlook ‘Little Changed’ as Natural Gas Futures Steady

  • June Nymex futures up 0.2 cents to $2.621; July down 0.2 cents to $2.653
  • $2.647 a “key near-term area for traders, as a break above on a daily close will likely take prices up to $2.72”: Drillinginfo
  • “We expect the year/year storage surplus to soar past 200 Bcf and the deficit versus the five-year average to decline sharply, pushing gas prices back down,” says EBW’s Weissman
  • Maintenance this week to impact ~200 MMcf/d of flows through CA/AZ border, says Genscape’s Bernardi
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    Bulls Shrug Off Forecasts Lacking Sustained Heat as Natural Gas Futures Rally

    • June Nymex futures gain 2.4 cents to $2.619; July up 2.4 cents to $2.655
    • “On the bullish side, potentially, there is the risk for above normal heat in the eastern half of the nation in week two, and we do still think that legitimate heat will tighten up balances,” says Bespoke
    • “Right now it seems like the gas market can’t catch a break, just as LNG volumes have returned (currently 5.7 Bcf/d), weather has become uncooperative”: TPH
    • “Haynesville production has taken a dive in the past few days due to severe weather and power outages near the Texas border,” says Genscape’s McMurrer
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