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.
The natural gas industry criticized a federal appeals court for tossing approval of the Regional Energy Access (REA) expansion project by Williams, claiming the ruling ignored the need for additional natural gas in the Northeast.
Williams' major natural gas pipeline system has requested federal approval to place more capacity into service next month on the 0.83 Bcf/d Regional Energy Access (REA), which serves Pennsylvania to New Jersey.
With forecasts hyping widespread heat to ramp up cooling demand through mid-July, natural gas futures renewed their advance back above the psychologically important $3.000/MMBtu mark in midday trading Tuesday.
Natural gas futures fell sharply Tuesday in a third volatile session as the supply picture improved from a quicker fix of a Louisiana pipeline outage and upward revisions to Lower 48 gas production.
Weekly spot natural gas prices notched gains as intensifying heat in portions of the country stoked cooling demand. Futures surged in anticipation of the rising summer load but sank into the week’s end on profit-taking.
Regional natural gas forwards continued to soar during the May 16-22 trading period in parallel to the recent bullish momentum lifting summer Nymex futures to new heights, data from NGI’s Forward Look show.
Overbought June Nymex natural gas futures were pummeled Thursday as the market shrugged off fundamental bullishness and a miss in government storage data.
Regional natural gas forwards continued to soar during the May 16-22 trading period in parallel to the recent bullish momentum lifting summer Nymex futures to new heights, data from NGI’s Forward Look show.
June Nymex natural gas futures rally resumed after a brief and modest reversal lower Tuesday as the market looked beyond bearish near-term fundamentals to longer-range support.