Extending the previous day’s gains, natural gas futures staged a furious rally Tuesday as the potential upstream fallout from plummeting oil prices has breathed new life into a chronically oversupplied market. The April Nymex contract surged 15.8 cents to settle at $1.936/MMBtu.
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Natural Gas Futures Extend Rebound as Covid-19 Creates Bearish Headwinds
Uncertainty over the coronavirus outbreak continued to weigh on the outlook for the nascently global natural gas futures market Tuesday, but prices extended recent gains after last week’s test of a key long-term support level. Following through on the previous session’s rally, the April Nymex contract climbed 4.4 cents to settle at $1.800/MMBtu. May settled at $1.838, up 4.1 cents.
Covid-19 Fears Combine with Warmer Weather Forecasts to Send Natural Gas Futures Below $1.70
After being driven sharply lower by an increasingly mild weather forecast, natural gas futures sustained even more damage on Friday as global fears of the coronavirus continued to hammer stocks and energy commodities. The April Nymex gas futures contract plunged to an intraday low of $1.642/MMBtu before going on to settle at $1.684, down 6.8 cents from Thursday’s close. May also fell 6.8 cents to land at $1.732.
Weekly Natural Gas Prices Brush off Fleeting Cold as Futures Plunge Toward $1.60
Despite another glancing blow of crisp air across the Lower 48 this week, natural gas prices failed to maintain momentum and ended the Feb. 24-27 period sharply lower week/week. NGI’s Weekly Spot Gas National Avg. for the four days through Thursday tumbled 13.5 cents to $1.685. Friday trading was not included as it was for March gas delivery.
Further Warming Weather Outlooks, Weak Cash Pressure Natural Gas Futures; More Downside ‘Likely’
Natural gas futures continued to slide Friday on further warmer trends in the latest weather models, crushing any hopes that bulls had for a return to $2 gas. The March Nymex gas futures contract settled at $1.905/MMBtu, down 1.5 cents from Thursday’s close. April slipped 1.4 cents to $1.917.
Natural Gas Futures Surge as Prospects Improve for Chilly End to Winter; Cash Rallies as Storm Arrives
Weekend weather models achieved a feat that has remained elusive over the winter so far, turning massively colder over the extended holiday weekend and sending the natural gas futures surging to start the work week. The March Nymex gas futures contract jumped 14.4 cents to settle Tuesday at $1.981/MMBtu. April shot up 11.5 cents to $1.971.
Small Rebound for NatGas Futures as Weather Models Trend Colder; Cash Slides as Temperatures Warm
Natural gas futures capped the week with a modest gain as the latest weather data gave bulls enough momentum to prevent another leg lower ahead of the long holiday weekend. The March Nymex gas futures contract climbed 1.1 cents to settle Friday at $1.837. April was unchanged at $1.856.
Weekly Natural Gas Prices Shift Only Slightly Despite Wild Swings
Despite some intraweek volatility driven in large part to a double-shot of winter storms hitting the United States, weekly spot gas prices ultimately shifted very little week/week. TheNGIWeekly Spot GasNational Avg.slipped just 2.0 cents to $1.750.
Forecasts Less Bearish but ‘Not Exactly Bullish’ as Natural Gas Futures See Small Rebound
After sinking to a four-year low to start the week, natural gas futures bounced a bit Tuesday as a late-week cold blast was seen boosting demand possibly to the highest level of the winter so far. The March Nymex gas futures contract climbed 2.2 cents to settle at $1.788/MMBtu. April rose 1.9 cents to close at $1.823.
Indecisive Weather Models Keep Natural Gas Futures Steady Ahead of Weekend
A return of frigid air failed to materialize in the latest weather models, crushing any chance that Friday’s early gains could hold through the weekend. The March Nymex gas futures contract settled at $1.858/MMBtu, down four-tenths of a cent from Thursday’s close. April climbed a half-cent to $1.892.