Updated Aug 22, 2024
8/22/24
Against a backdrop of solid demand, possible production cuts and potentially modest August storage injections, natural gas forward prices during the Aug. 1-8 trading period found room to move higher.
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.
Weekly natural gas cash prices remained under pressure for a fourth week as unseasonably mild February weather limited heating demand across much of the country, while a tanking in natural gas futures contributed to an overriding bearish market sentiment.
March Nymex natural gas futures sank 7.3 cents day/day and settled just above key $2.000 support as “extremely light” heating demand in the near term – and forecasts for the return of double-digit storage withdrawals – outweighed the potential boost in demand mid-month.