Updated Aug 22, 2024
8/22/24
Natural gas futures rose on Monday for a fifth session as the possibility of a rare summer storage draw later this week highlighted lower output alongside decent demand tightening supply-demand balances.
While the market remains flush with supply, signs of favorable fundamental shifts caught the attention of money managers and powered a natural gas futures rally that spanned most of last week and through early afternoon trading Monday.
Dallas-based EnLink Midstream LLC has sanctioned its first brownfield natural gas expansion project in Louisiana as it works to add 8 Bcf of capacity to the Jefferson Island Storage & Hub.
Natural gas export capacity could explode within months on the Gulf Coast and in Western Canada, a signal for operators to begin ramping up activity. Still, storage is continuing to rise, and weather demand has remained tepid. What does it mean for prices? NGI’s experts have a few answers.
Natural gas futures stumbled to start the trading week amid rising production levels and milder demand forecasts from the cooling effects of Hurricane Debby.
July natural gas futures resumed their decline in early trading Tuesday, undercut by higher estimates for Lower 48 production.
Natural gas futures slumped further early Monday, but reversed course and avoided falling back for the seventh time in eight sessions. Traders shifted focus from higher production levels to mounting cooling demand that could further narrow storage surpluses.
The U.S. Energy Information Administration (EIA) on Thursday reported an injection of 98 Bcf natural gas into storage for the week ended May 31. The result was higher than expected and erased most of the day/day gains for Nymex natural gas futures.
Natural gas futures rallied anew on Monday against a backdrop of looming summer weather, lighter production and an improving storage situation.
Natural gas futures tested both sides of even in early trading Thursday as the market awaited the latest government inventory report, which was expected to show an injection roughly in line with historical norms.