Jeremiah Shelor

With traders continuing to mull the implications of a second consecutive large bearish miss from weekly government inventory data, natural gas futures were trading close to even early Friday. The Nymex July futures contract was up 0.4 cents to $2.328/MMBtu just after 8:30 a.m. ET.

As the international natural gas trade continues to develop, Asian economies will drive global demand growth over the next five years, according to a new report from the International Energy Agency (IEA).

The U.S. natural gas rig count gained two units to reach 186 for the week ended June 7, but a drop in oil drilling drove a sharp pullback in the overall domestic drilling tally, according to the latest data from Baker Hughes, a GE Company (BHGE).

With traders turning their attention to upcoming Energy Information Administration (EIA) storage data, expected to show another plump weekly injection, natural gas futures were hovering close to even early Thursday. The Nymex July futures contract was trading 0.7 cents lower at $2.371/MMBtu shortly after 8:30 a.m. ET.

Crude oil prices have taken a hit in recent weeks amid concerns over global economic growth prospects, just as U.S. production is on track to reach record levels and as recent data points to swelling domestic stockpiles, leaving the market to navigate “rising supply and demand uncertainties,” according to analysts.

Natural gas futures were steady early Wednesday as cooler forecast trends overnight threatened to hamper any potential rebound following recent selling. The Nymex July contract was off 0.2 cents to $2.414/MMBtu shortly after 8:30 a.m. ET.

As spot prices in the region have languished near or below zero, natural gas flaring and venting in the Permian Basin has climbed to an all-time high, according to new estimates published this week by Rystad Energy.

Total Canadian oilsands production is projected to approach 4 million b/d by 2030, nearly 1 million b/d more than current output, though the rate of growth is set to slow compared to previous years, according to a new 10-year production forecast published by IHS Markit.

With a drop in the latest production data relieving some of the recent downward pressure on natural gas prices, futures were trading slightly higher early Tuesday. At 8:30 a.m. ET, the Nymex July contract was trading 0.7 cents higher at $2.410/MMBtu.