Updated Aug 22, 2024
8/22/24
Weekly natural gas spot prices crept higher in the week as regional hub values varied amid changes in weather forecasts that pulled back the number of cooling-degree days expected as the calendar drifts from summer closer to fall.
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 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 fourth day on Friday, supported by weaker spot prices and maintenance projects curbing production, reversing its jump to a five-month high in the previous week.
Natural gas futures advanced early Wednesday and kept momentum rolling through midday trading. The prompt month headed for a second daily advance. The cash market posted modest gains in most regions, meanwhile, though West Texas showed customary losses as supplies backed up amid maintenance work.
Natural gas futures fell for a second day on Thursday after a lighter-than-forecast storage build appeared to not be enough to divert storage levels off their lofty trajectory into the fall.
Natural gas futures traders on Tuesday took profits and snapped a winning streak after the prompt month had rallied nearly 20 cents over the three prior sessions.
Natural gas futures, battered by hefty supply concerns most of this month, reversed course and powered forward on Thursday after an anemic government inventory report.
Natural gas markets were trading sharply lower through midday trading Wednesday amid signs of capitulation by bulls. Physical prices, meanwhile, were lower for the eastern half of the country ahead of a stretch of cooler weather.
Forecasts for near-record cooling demand in the month ahead failed to propel natural gas futures forward on Friday, as export volumes were in question and production held at strong levels.