The natural gas supply glut in the United States may have sunk commodity prices and put the squeeze on producers, but it’s likely to continue to benefit consumer pocketbooks this winter, according to the Energy Information Administration (EIA).
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November natural gas is expected to open a penny higher Monday morning at $2.87 as weather data shows both lowered heating and increased cooling load near term. Overnight oil markets eased.
April natural gas is expected to open 4 cents higher Tuesday morning at $3.08 as traders are expected to focus less on near-term weather and more on broader market issues. Overnight oil markets rose.
March natural gas is set to open 3 cents higher Wednesday morning at $2.59 as traders reconcile a modest loss in heating demand with deeply oversold market conditions. Overnight oil markets fell.
Both natural gas cash and futures markets rocketed higher Monday as more deferred weather forecasts turned sharply colder. Only a single point followed by NGI was unchanged, and all other locations were deep into double-digit gains.
Prices for residential heating oil and propane are similar to the low prices customers enjoyed during the last winter season, according to the U.S. Energy Information Administration (EIA).
November natural gas is set to open 3 cents lower Wednesday morning at $3.21 as traders start to tally what looks to be a sub-par level of heating demand in the near term. Overnight oil markets inched higher.
November natural gas is expected to open a penny lower Monday morning at $3.18 as traders factor in less than normal heating and cooling loads, and technicians see natural gas as having completed a five-wave advance. Overnight oil markets were mixed.
November natural gas is set to open 2 cents lower Wednesday morning at $2.94 as cooling and heating load are still predicted to be well below normal. Overnight oil markets rose.
Next-day natural gas values rose modestly in trading Tuesday as most points recorded gains of a few pennies to a nickel or more.