Updated Aug 22, 2024
8/22/24
Natural gas futures traded in a narrow band early Wednesday as traders contemplated favorable late-summer fundamentals alongside the specter of fall weather and the inevitable swoon in cooling demand that it delivers.
September Nymex natural gas futures’ early attempt to extend a rally into Tuesday’s session failed amid expectations for demand weakness as weather outlooks pointed to increasingly mild conditions across major natural gas-consuming regions.
Employment in Texas’ upstream oil and gas industry rose by 1,600 jobs in July versus June, according to the Texas Independent Producers and Royalty Owners Association (TIPRO).
Natural gas futures traded up a few cents early Tuesday as market participants digested an uneven weather demand forecast, a dip in production and ongoing progress toward addressing a supply overhang.
Coming off back-to-back losses to close out last week, natural gas futures found fresh footing early Monday amid signs of late-summer supply/demand tightening.
Weekly natural gas spot prices crept higher in the week as regional hub values varied amid changes in weather forecasts that pulled back the number of cooling-degree days expected as the calendar drifts from summer closer to fall.
September Nymex natural gas futures careened lower Friday as the market focused on milder weather forecasts over an improved pace of storage tightening signaled by the latest inventory report.
The U.S. natural gas rig count rose by one unit to 98 for the week ending Friday (Aug. 16), according to updated data from Enverus and Baker Hughes Co. (BKR).
Diamondback Energy Inc. is aiming to capture more value from the immense volumes of associated natural gas it produces as a byproduct of oil extraction in the Permian Basin, according to management.
Natural gas futures rallied after a rare summer storage draw but then lost steam Thursday, possibly from profit taking as traders took a cue from cash markets still under the spell of oversupply.