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Structural Tightness Maintaining Support for Most U S Natural Gas Forward Curves, but Northeast Prices Tumble
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Northeast Natural Gas Forward Prices Tank, but Structural Demand Propping Up Gulf Coast
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EIA Storage Data Puts Natural Gas Bears Back in Game as June Debuts with Thud
After a three-day run, natural gas futures screeched to a halt Thursday after the latest round of storage data showed inventories grew more than expected. On the first day in the prompt position, the June Nymex futures contract settled at $2.911/MMBtu, off 4.9 cents day/day. July fell 5.0 cents to 2.961.
Spot gas prices also retreated across most of the country. NGI’s Spot Gas National Avg. dropped 9.5 cents to $2.680.
The mild weather pattern on tap for the next couple of weeks has done little to aid in the recent price rally along the Nymex curve. However, traders looking to the latest storage data for justification of the rise in prices or for a reason to pull back were not disappointed.
Modest Recovery for Natural Gas Forwards Foreshadows Increasingly Tight Balances This Summer
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Strong Exports, Persisting Chill Drive Modest Gains for Natural Gas Forward Prices
Lingering cold weather and strong export demand fueled a modest rebound for natural gas forward prices across North America during the trading period from April 15-21, according to
NGI’s Forward Look. Falling prices on the U.S. East Coast, however, brought the overall average down at the front of the curve, while more notable gains were seen for the upcoming winter.
May prices rose an average of only 1.0 cent for the period ending Wednesday, coming in a couple of cents shy of increases at the Henry Hub. Gains throughout the rest of the curve were more closely aligned with the benchmark, where the balance of summer (May-October) was up 4.0 cents to around $2.820, and the winter strip (November 2021-March 2022) climbed 6.0 cents on average,