Natural gas futures posted a strong double-digit advance Monday, lifted by updated outlooks for more extreme July heat that could drive seasonally stronger energy demand. The August Nymex contract surged 16.5 cents day/day and settled at $1.709/MMBtu. It marked a stark contrast from the prior week, when the July contract plummeted to a 25-year low…
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The U.S. Energy Information Administration (EIA) reported an injection of 120 Bcf natural gas storage for the week ending June 19, a bearish report that soared beyond the high end of projections, driving down natural gas futures. The latest print was “beyond my worst expectations,” said one participant on The Desk’s online energy platform Enelyst.…
Hints of early season cold spooked natural gas traders on Friday with flashbacks to last October, when a surprising shift colder led to a sharp rally that eventually pushed futures prices to nearly $5. Despite an early dip to the downside, the November Nymex contract rallied for a second day to settle at $2.352/MMBtu, up 2.3 cents. December climbed 2.4 cents to $2.524.
Pacific Gas and Electric Co. (PG&E) was expected to return power on Tuesday to around 24,000 customers that lost power Monday following a public safety power shutoff in several Northern California counties.
U.S. natural gas forward prices continued on the wild ride they’ve been on the last few weeks, posting steep losses — one week after putting up equally sharp gains — as weather models that had called for scorching temperatures throughout most of July had begun to cool.
A rebound in natural gas forward prices that began earlier in the month kicked in high gear during the Jan. 10-16 period as frigid air finally returned to the United States after a month-and-a-half of exceptionally mild weather.
Storage Deficits, Returning Heat Steal Spotlight from Production; September Natural Gas Forwards Increase
September natural gas prices rose by an average 3 cents from Aug. 16-22 as long-range weather outlooks showed a much hotter end for August and into early September. Storage concerns remained a bullish catalyst for the market as well, even as the week’s storage report delivered an on-target injection.
July natural gas prices were decidedly lower Monday morning, trading 3 cents lower at $2.915 ahead of the market open despite increasing heat in the near term.
July natural gas prices remained firmly in the red ahead of market open Tuesday, trading 4.3 cents lower at $2.908 as cooler trends forecast over the next week sent prices sliding for the second day in a row.
July natural gas prices were about 1.5 cents lower Monday ahead of the open, trading at $3.009 settle amid a modest pullback in near-term weather forecasts.