A modest storage injection eased containment concerns and overshadowed worries imposed by the coronavirus pandemic The EIA reported an injection of 37 Bcf that served as evidence that robust summer heat is driving strong cooling demand Spot prices advanced alongside continued lofty temperatures August natural gas futures advanced on Thursday as a modest storage injection…
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New outlook for more extreme heat fueled optimism about seasonally stronger energy demand Monday’s gain marked a stark contrast from the prior week, when the July contract plummeted to a 25-year low before moving off the board Spot prices surged Monday Natural gas futures posted a strong double-digit advance Monday, lifted by updated outlooks for…
Forecasts for modestly increasing heat and a lower inventory build report offset enduring uncertainty about liquefied natural gas (LNG) demand, helping natural gas futures post gains Wednesday and ending a drubbing that cost the July contract nearly 20 cents over the prior three trading sessions.
Natural gas forward prices continued to tread water during the May 28-June 3 period, rising only a few pennies on average across the curve as summer heat started to build across the United States.
Natural gas futures climbed Wednesday as much of the fundamental supply/demand backdrop became increasingly supportive of prices. Prices rallied strongly early in the session, but then gave up some ground, leaving the July Nymex gas futures contract up 4.4 cents to $1.821. August picked up 3.9 cents to settle at $1.915.
After a promising start, natural gas bulls came up short in extending their streak as lackluster weather demand and indications of steep losses ahead from the liquefied natural gas (LNG) sector stopped the rally dead in its tracks. After touching a $1.889 intraday high, the June Nymex gas futures contract slid for the remainder of Wednesday’s session and ultimately settled at $1.771, down 5.9 cents on the day.
Natural gas futures continued to pull back Wednesday as liquefied natural gas demand (LNG) took another hit. With government storage data expected to produce a second consecutive triple-digit injection, the June Nymex gas futures contract settled 10.4 cents lower at $1.616. July fell 10.9 cents to $1.856.
In one fell swoop, natural gas futures on Wednesday erased all of the previous day’s gains resulting from a pipeline explosion on one of the Lower 48’s oldest natural gas pipelines. With much of the impacted production on that line being rerouted, the June Nymex gas futures contract plunged 19.0 cents to settle at $1.944. July tumbled 14.1 cents to $2.171.
With eyes on another plump storage injection, natural gas traders trimmed futures for a fifth consecutive session on Wednesday as weather forecasts continued to trend milder. The May Nymex contract settled at $1.598, down 5.2 cents day/day. June slipped a more substantial 7.8 cents to $1.748.
The saying goes that all good things must come to an end, and for the natural gas market, that happened on Wednesday as prices retreated following a three-day rally that sent the prompt month some 30 cents higher. With a warmer turn in the latest weather forecasts, the May Nymex gas futures contract settled at $1.783, down 6.9 cents day/day. June fell 5.3 cents to $1.896.