Updated Aug 22, 2024
8/22/24
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.
Natural gas futures pushed higher for a second day Wednesday, supported by a production slowdown this week and bears scattering ahead of a possible light summer storage print on Thursday.
Natural gas prices mostly lost ground in August bidweek trading as rising production volumes and stout supplies in storage undercut the impact of forecasts for a sweltering end to the summer.
Natural gas futures continued to soar through midday trading Monday, with warm May temperatures hinting at upcoming summer cooling demand to keep bulls firmly in control.