September natural gas is expected to open 2cents lower Wednesday morning at $2.80as traders factor in an ongoing cooling trend in near-term weather forecasts. Overnight oil markets were narrowly mixed.
Articles from September
September was the 22nd consecutive month that saw a decline in the Texas Petro Index (TPI), a barometer of upstream oil and natural gas activity in the Lone Star State. No one in the energy patch is going to call this recovery a quick one.
September natural gas is set to open 2 cents higher Tuesday morning at $2.61 as traders note only modest cooling in extended weather forecasts. Overnight oil markets gained.
The downward slide of oil and natural gas production from the nation’s seven largest unconventional plays will extend into a twelfth month in September, though at a somewhat less pronounced decline, according to data from the Energy Information Administration (EIA).
September natural gas is set to open 2 cents lower Friday morning at $2.85 as traders see a market at the upper end of its recent trading range and at the same time factor in expected above-normal temperatures in the weeks ahead. Overnight oil markets continued to melt down.
U.S. dry natural gas production in September continued a stretch of record breakers, reaching 2.29 Tcf (76.3 Bcf/d), the highest of any September since the Energy Information Administration (EIA) began reporting such production data in 1973, the agency said.
Every component of the Texas Petro Index (TPI) was down again in September — except for crude oil and natural gas production volumes. And the economist who compiles the TPI warned that industry job losses could be even greater than his previous estimates.
Amongst milder weather and the comfortable lethargy of August trading, the forward market as measured by NGI’s Forward Lookmoved up just less than three cents on average since the close of trading on Aug. 21. For traders at many index locations, the price of September gas seems to have already been worked out with the start of the month less than a week away. However, there is one exception.
September natural gas is seen opening 5 cents higher Tuesday morning at $2.80 as overnight weather forecasts continue a warming trend from late Monday. Overnight oil markets rose.