In the third weekly surprise in a row, the Energy Information Administration (EIA) reported a 60 Bcf injection into natural gas storage for the week ending July 1. Unlike the previous two weeks, though, the latest EIA data was hugely bearish to expectations. The 60 Bcf injection was about 15 Bcf lighter than estimates ahead…
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Production Declines Support Natural Gas Futures Gains as Market Awaits Storage Print
Amid estimates showing production declines, natural gas futures rallied ahead of the latest government inventory data even as the market braced for a larger-than-average weekly storage injection. The August Nymex contract was up 21.3 cents to $5.723/MMBtu at around 8:50 a.m. ET. Estimates ahead of the latest Energy Information Administration (EIA) storage report, scheduled for…
Natural Gas Futures Slip Amid Expectations for Lighter Domestic Demand
Natural gas futures slipped lower Tuesday, extending the extensive sell-off from a week earlier. A mid-July reprieve from oppressively hot weather patterns and the potential for another stout storage print weighed on prices. The August Nymex gas futures contract settled at $5.523/MMBtu, down 20.7 cents day/day. September fell 22.5 cents to $5.487. With heat scorching…
Natural Gas Futures Climb Early Amid Production Decline, Warmer Forecast Trends
A combination of lower production estimates and hotter overnight forecast trends helped lift natural gas futures in early trading Wednesday. The August Nymex contract was up 14.5 cents to $5.668/MMBtu as of around 8:50 a.m. ET. A day/day drop in production estimates of around 1.6-1.9 Bcf/d was “providing fundamental cover” for higher prices as of…
August Natural Gas Futures Flounder as Forecasts Call for Easing Heat; Cash Prices Climb
Natural gas futures slipped lower Tuesday, extending the extensive sell-off from a week earlier. A mid-July reprieve from oppressively hot weather patterns and the potential for another stout storage print weighed on prices. The August Nymex gas futures contract settled at $5.523/MMBtu, down 20.7 cents day/day. September fell 22.5 cents to $5.487. With heat scorching…
Mexico Touts Multi-Billion Dollar Public-Private Natural Gas Projects
Amid a global energy crunch, Mexico is set to go all in on natural gas with numerous public-private projects announced over the past week. Speaking at the launch of the Olmeca refinery in Dos Bocas, Comisión Federal de Electricidad (CRE) head Manuel Bartlett said the utility would partner with the local subsidiary of Canada’s TC…
Natural Gas Futures Recover Some Losses, but Further Downside Possible
In the aftermath of last week’s heavy sell-off, natural gas futures were trading lower early Tuesday as forecasts shed cooling demand over the weekend. The August Nymex contract was off 35.5 cents to $5.375/MMBtu as of around 8:45 a.m. ET. After a brutal slashing, natural gas bulls licked their wounds and managed to churn out…
Moderating Heat by Mid-July Helps Pressure Natural Gas Futures Lower in Early Trading
In the aftermath of last week’s heavy sell-off, natural gas futures were trading lower early Tuesday as forecasts shed cooling demand over the weekend. The August Nymex contract was off 35.5 cents to $5.375/MMBtu as of around 8:45 a.m. ET. The outlook for the natural gas market was “surprisingly stable” over the extended Fourth of…
Wounded Bulls Eke Out 30-Cent Gain for Natural Gas Futures, but Cash Dragged Lower
After a brutal slashing, natural gas bulls licked their wounds and managed to churn out a respectable rebound along the natural gas futures curve to close out the week. The August Nymex futures contract settled Friday at $5.730/MMBtu, up 30.6 cents on the day. September futures climbed 32.0 cents to $5.712. At A Glance: Market…
Natural Gas Futures Take Beating, Drop $1-Plus on Storage, Freeport News
Natural gas futures took one (actually two) on the chin Thursday as a larger-than-expected storage injection and an update regarding the Freeport liquefied natural gas (LNG) outage sent prices tumbling to levels not seen in months. The August Nymex futures contract plummeted $1.074 to $5.424/MMBtu. September lost $1.101 cents to land at $5.392. Spot gas…