With the market continuing to balance near-term oversupply against longer term bullishness, natural gas futures moved slightly lower at the front of the curve in early trading Tuesday.
The May Nymex contract was down 1.7 cents to $1.774/MMBtu at around 8:45 a.m. ET. June was off 1.7 cents to $2.048.
A recently updated outlook from Tudor, Pickering, Holt & Co. (TPH) modeled tighter balances for 2024 and 2025. This tightening reflects both lower supply this year and a more bullish timeline for the startup of pending LNG export facilities, namely the Plaquemines project, TPH analyst Matt Portillo said in a recent note.
TPH estimated roughly 3.85 Tcf in storage by the end of the 2024 injection season, with the potential for inventories to finish below the five-year average by...