An early rally Monday on expectations for increasing heat across much of the Lower 48, including temperatures in excess of 100 over swaths of the West Coast, fizzled in afternoon trading after a new mid-range weather outlook disappointed. The latest American model still showed near-term heat but cooler-than-previously-expected forecasts for early July that could reduce…
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Improved Mid-Range Heat Forecast Sends Natural Gas Futures Higher
Forecasts for more heat outshined persistently weak demand for liquefied natural gas Beyond the brightening weather picture, however, new catalysts for gas prices remained elusive Spot gas prices climbed across much of the Lower 48, with California a notable After finishing flat a day earlier, Natural gas futures mustered new momentum on Friday, ending the…
LNG Demand Gains Boost Natural Gas Futures Early
Hotter weather trends over the weekend and an increase in liquefied natural gas (LNG) feed gas demand lifted natural gas futures prices in early trading Monday. The July Nymex contract was up 3.1 cents to $1.700/MMBtu at around 8:35 a.m. ET. For the evening cycle for Monday’s gas day, Genscape Inc. estimates showed a 550…
Oil Patch Still in Decline as U.S. Rig Count Grinds Lower
West Texas Intermediate (WTI) futures were up around $40/bbl Friday, but the latest weekly tally by Baker Hughes Co. (BKR) showed the U.S. rig count continuing to grind lower, including another round of double-digit losses in the oil patch.
Natural Gas Forward Prices Driven Lower by Weak Cash; Heat Crucial to Sustained Recovery
With much of the supply/demand background fairly stable, weak natural gas cash pricing drove a deep dive lower for forward markets during the June 11-17 period, NGI’s Forward Look data show. Double-digit decreases extended across North America through the rest of summer, though smaller losses were seen further out the curve.
Natural Gas Futures End Rut, Post Gains on Lower Storage Build Expectations, Hotter Outlook
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 Futures Climb After Storage Build Meets Expectations; Forecasts Call for Late June Heat
Natural gas futures advanced Thursday after the latest storage report met expectations and forecasts continued to call for more June heat. However, demand concerns lingered as markets absorbed an economic outlook that pointed to protracted fallout from the coronavirus pandemic. The July Nymex contract settled at $1.813/MMBtu, up 3.3 cents day/day. August rose 3.0 cents to $1.900.
Rising Demand, Production Declines to Push 2021 Henry Hub Price to $3.08, Says EIA
Demand for natural gas is expected to increase next winter and production is expected to decline, causing upward pressure on prices and resulting in Henry Hub spot prices averaging $3.08/MMBtu in 2021, according to the Energy Information Administration (EIA).
Despite LNG Worries, Natural Gas Futures Gain Ground on Increased Cooling Demand Outlook
Natural gas futures rallied early Wednesday and held in positive territory throughout the trading day on forecasts for a relatively hot June and expectations that rising temperatures will drive seasonally robust energy demand to power air conditioners.
Natural Gas Futures Bound to Narrow Range as Cristobal Strikes, LNG Demand Drops
Natural gas futures scratched out a modest gain Monday after Tropical Storm Cristobal made landfall a day earlier, forcing shut-ins but also bringing cooler air to the South. Entrenched worries about weakness in demand from liquefied natural gas (LNG) export facilities curbed price momentum.