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Big basis moves in Appalachia and on the West Coast highlighted natural gas forwards trading during the June 3-9 period, while a sufficiently hot forecast
Big basis moves in Appalachia and on the West Coast highlighted natural gas forwards trading during the June 3-9 period, while a sufficiently hot forecast
June Heat Helps Natural Gas Futures Hold Onto Gains Early
Coming off a strong rally in the previous session, natural gas futures hovered close to even early Wednesday as forecasts maintained strong heat for the second week of June. The July Nymex contract was up 1.4 cents to $3.118/MMBtu at around 8:50 a.m. ET.
Projections from the European weather model lost several cooling degree days (CDD) overnight for the June 13-17 time frame, according to NatGasWeather. This would see heat ease compared to projected temperatures for Sunday through June 12, which remained “plenty hot enough to satisfy” natural gas markets in the firm’s latest forecast.
The natural gas storage report from the EIA for the week ending April 2nd indicated that the amount of natural gas held in underground storage in the US rose by 20 billion cubic feet to 1,784 billion cubic feet by the end of the week, which left our gas supplies 235 billion cubic feet, or 11.6% below the 2,019 billion cubic feet that were in storage on April 2nd of last year, and 36 billion cubic feet, or 1.3% below the five-year average of 1,808 billion cubic feet of natural gas that have been in storage as of the 2nd of April in recent years..the 20 billion cubic feet that were added to US natural gas storage this week was less than the average forecast of a 27 billion cubic foot addition from an S&P Global Platts survey of analysts, and was also less than the 30 billion cubic feet added to natural gas storage during the corresponding week of a year earlier, but was well more than the average addition of 8 billion cubic feet of natural gas that have typically been injected into nat