Fresh off a nearly 14-cent run, natural gas futures edged higher again Tuesday as the market continued to digest the sharp drop in production over the weekend. With weather models hinting at an increasingly supportive picture for summer heat, the June Nymex gas futures contract settled at $1.830, 4.7 cents higher day/day. July rose 2.6 cents to $1.985.
Articles from NGI Data
Natural gas futures bounced around a bit on Friday, but ultimately capped the week on a soft note despite some slight tightening in supply/demand balances. The June Nymex gas futures contract settled at $1.646, down 3.5 cents from Thursday’s close. July fell 5.1 cents to $1.833.
Natural gas futures capped the first week of May with a third straight day of losses as near-term demand weakness trumped a sustained drop in production. The June Nymex gas futures contract settled Friday on the lower end of its trading range, off 7.1 cents day/day at $1.823. July fell 5.0 cents to $2.077.
Spot natural gas prices came roaring back for the first week of May, driven higher by cooling demand from the West Coast to the Southeast and heating demand in the Midwest and East. An surge in futures early in the week also lent support to markets, with theNGIWeekly Spot GasNational Avg.rocketing some 20.5 cents higher to $1.750.
Friday marked another choppy day for natural gas futures, with prices initially fueled by a sharp decline in production but then pressured by weak cash prices and soft demand. The June Nymex gas futures contract ultimately settled at $1.890, down 5.9cents from Thursday’s close. July slipped 3.6 cents to $2.134.
After a quiet start, increased selling late in Friday’s trading session led to another day of pronounced swings in the natural gas futures market. The May Nymex contract capped the week at $1.746, down 6.9 cents from Thursday’s close. June dropped 4.7 cents to $1.895.
A chilly start to the week for much of the United States, and lingering cool weather on the East Coast to end the week, led to robust gains for spot gas prices for the April 20-24 week.NGI’s Weekly Spot GasNational Avg.jumped 10.0 cents to $1.595.
The Energy Information Administration (EIA) reported that natural gas storage inventories grew by 43 Bcf for the week ending April 17, well within the range of estimates but lower than both last year’s 92 Bcf injection and the five-year 49 Bcf build.
Natural Gas Futures Slide as Projected Demand Falls; Triple-Digit Storage Builds Possible Within Weeks
An increasingly milder April outlook sapped any early momentum in natural gas futures trading on Tuesday. The May Nymex gas futures contract settled at $1.650, off 7.4 cents day/day and at the low end of its 9-cent trading range. June fell 5.3 cents to $1.826.
Spot gas prices for the April 6-9 week posted stout gains across much of the Lower 48 as sub-$2/MMBtu gas continued to incentivize strong power burns despite a lack of significant demand. Led by gains on the West Coast,NGI’s Spot Gas WeeklyNational Avg.jumped 16.0 cents to $1.520.