Updated Aug 22, 2024
8/22/24
Natural gas futures on Thursday fell early but gained ground through midday trading as a bullish government assessment of supplies in storage overshadowed near-term weakness in weather demand. However, the prompt month then retreated to near even in early afternoon trading. Spot prices slipped.
Natural gas futures nosedived on Wednesday despite waning production levels and expectations for a seasonally small increase in underground inventories.
Natural gas futures reversed early gains Tuesday as weaker physical prices squashed initial optimism from another producer curtailment to send the prompt contract to its fifth straight decline.
Natural gas for delivery in April ramped up a third straight day, supported on Wednesday by lower production estimates and a late winter blast of frigid air across the nation’s midsection.
Natural gas futures rallied again on frigid temperatures and mounting heating demand, continuing an uninterrupted stretch of gains that dates to the opening session of 2024.
January Nymex natural gas futures staged a modest recovery Wednesday, but attempts at more considerable gains were thwarted by overall mild weather trends that pointed to comparatively small storage withdrawals as production stayed robust.
Booming production numbers and the possibility of underwhelming December weather had natural gas prices reeling during the Nov. 16-21 period, with both regional forwards and Nymex futures posting sizable discounts.
Despite sweltering heat waves and a slight lift in European prices, LNG market activity is expected to remain light as buyers and U.S. producers hone in on the future supply and demand scenario.
Natural gas futures floundered on Wednesday, continuing a topsy-turvy trading trend as market participants weighed continued strong supplies against robust – but varying – cooling demand and forecasts for more of the same.
Natural gas futures faltered on Wednesday, a second-consecutive loss, as analysts anticipated another soft government inventory print and traders started to look past a late-winter surge of cold and toward likely benign spring weather.