A disruptive storm building strength over the Gulf of Mexico (GOM) and upcoming government storage data gave natural gas futures traders plenty to ponder heading into Thursday’s regular trading hours. The August Nymex futures contract was up 2.6 cents to $2.470/MMBtu shortly after 8:30 a.m. ET.
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The 2018 Atlantic hurricane season, which officially begins June 1, is likely to have normal to slightly above-normal activity, and could have an early start in the Gulf of Mexico (GOM), forecasters at AccuWeather’s Global Weather Center said Monday.
September natural gas is expected to open 2 cents lower Wednesday morning at $2.92 as traders saw Tuesday’s failure to breach $3 as leading to further declines Wednesday. Overnight oil markets eased.
September natural gas is set to open 2 cents higher Monday morning at $2.91 in spite of continued moderation in near-term temperature outlooks. Overnight oil markets were mixed.
July natural gas is expected to open 2 cents higher Thursday morning at $2.91 as the ongoing theme of summer heat continues and traders anticipate the release of bullish government storage figures. Overnight oil markets rose.
What had been Tropical Storm Cindy Wednesday made landfall and weakened Thursday, downgraded to a tropical depression, and oil and natural gas operators that had taken precautionary measures in the Gulf of Mexico (GOM) prior to the storm were returning to work in its wake.
The National Hurricane Center (NHC) on Tuesday was tracking a tropical storm in the central Gulf of Mexico (GOM) and another, weakening storm off the northern coast of South America, and both could pose threats to U.S. offshore natural gas and oil operations.
Natural gas deliverable Wednesday continued to grind lower in trading Tuesday, with broad losses in producing basins and Midwest market centers as well as California and the Rockies able to overwhelm modest market strength in the Marcellus.
October natural gas is set to open 2 cents higher Wednesday morning at $2.85 as traders factor in production losses resulting from weather-driven Gulf of Mexico shut-ins. Overnight oil markets fell.
October natural gas is set to open 3 cents higher Tuesday morning at $2.93 although observers note a less than supportive trading landscape going forward. Overnight oil markets were mixed.