Natural Gas Futures Muster Fresh Momentum to Kick Off Trading Week
Coming off back-to-back losses to close out last week, natural gas futures found fresh footing early Monday amid signs of late-summer supply/demand tightening.
Coming off back-to-back losses to close out last week, natural gas futures found fresh footing early Monday amid signs of late-summer supply/demand tightening.
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 accelerated declines through midday trading Friday, undercut by weakness in physical cash markets and forecasts for milder weather next week.
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.
Diamondback Energy Inc. is aiming to capture more value from the immense volumes of associated natural gas it produces as a byproduct of oil extraction in the Permian Basin, according to management.
Natural gas futures were down in early trading Friday as the market shifted its attention away from Thursday’s bullish storage print to moderating summer heat next week.
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.
North American natural gas prices have gathered some momentum for the first time in many months amid tighter supply balances.
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.