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Production Drop, Hotter Forecast Propel Natural Gas Futures Prices a Second Day
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Natural Gas Futures Find Footing As Supply Looks Light - Natural Gas Intelligence
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Northeast Production, Storage Concerns Take Center Stage as Natural Gas Forward Prices Rally
Natural gas forward prices continued to fall at the front of the curve during the trading period ending Wednesday (July 14), pressured by inconsistent summer weather and fluctuating production. However, Northeast markets rebounded as another heat wave drove up regional demand, stalling a more pronounced rebuilding of storage inventories that is needed ahead of the winter, according to
Concerns over supply adequacy were reflected in other regions too, driving small gains at the majority of U.S. pricing hubs further out the forward curve,
Forward Look data showed. Winter prices rose 3.0 cents on average, while summer 2022 prices added an average of 2.0 cents.
August Natural Gas Futures Bounce Back as Inventory Concerns Bubble Up
Natural gas futures rebounded on Friday, following three straight daily losses, as traders mulled the potential for paltry levels of stockpiles ahead of the withdrawal season later this year.
At A Glance:
Storage concerns fuel rebound
Northeast cash prices drop
The August Nymex contract gained 6.0 cents day/day and settled at $3.674/MMBtu. September advanced 5.7 cents to $3.658.
NGI’s Spot Gas National Avg., however, fell 13.5 cents to $3.485, as next-day prices dropped in the Northeast ahead of an anticipated cool down.
The Energy Information Administration (EIA) on Thursday reported an injection of 55 Bcf into U.S. natural gas storage for the week ended July 9. The result exceeded expectations for a build in the upper 40s Bcf, and it also eclipsed the year-earlier increase of 47 Bcf and the five-year average 54 Bcf injection.
Steady Cooling Demand Propels Double-Digit Gain in Weekly Natural Gas Cash Prices
Weekly natural gas cash prices forged ahead as heat radiated across much of the Lower 48, keeping air conditioners humming.
NGI’s Weekly Spot Gas National Avg. for the July 12-16 period advanced 10.5 cents to $3.615.
Demand was fueled during the week by hot upper high pressure that held over the East most of the week with highs of mid-80s to 90s. It was also hot over the West, Texas and the Plains, with highs ranging from the 90s to 110s, NatGasWeather said.
A weather system lingered over the Great Lakes and Ohio Valley with showers and highs of 70s to 80s, for locally lighter demand, but it was not enough to curb national momentum.
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