Updated Aug 22, 2024
8/22/24
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.
Natural gas forward prices maintained a bearish tenor in parts of Texas and the West, but an atypical summer storage withdrawal and increased focus on the approaching winter cast a bullish hue elsewhere to send prices broadly higher.
Natural gas futures rallied after a government report showed a remarkable August decrease in storage. Analysts interpreted it as a bullish sign of supply/demand tightening after a hot summer and lower production levels. By early afternoon, however, profit-taking dropped the front month into a narrow range of gains and losses.
Natural gas futures pushed higher Thursday after the U.S. Energy Information Administration (EIA) reported a rare summer withdrawal of 6 Bcf from storage for the week ended Aug. 9.
Natural gas futures pushed higher Wednesday as traders positioned for a possible rare midsummer storage draw that would add further evidence of tightening market balances.
Natural gas futures rallied five out of six sessions leading into Wednesday in large part because of expectations for a paltry storage print this week.
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 rose for a third day on Thursday after a relatively lean government storage build signaled production levels might be running lower than expected.
The U.S. Energy Information Administration (EIA) on Thursday reported an injection of 21 Bcf natural gas into storage for the week ended Aug. 2. The result, slightly below expectations, came despite a jump in renewable power that threatened a bearish miss.
Natural gas futures mustered momentum on Tuesday – after losing ground the day before and last week – amid lighter production readings, bargain buying and short covering.