Updated Aug 22, 2024
8/22/24
Further cooler momentum in the latest round of forecast data, against a backdrop of supply disruptions in the Gulf of Mexico (GOM) and in the Northeast, had natural gas futures rallying in early trading Monday. The November Nymex contract was up 16.6 cents to $2.907/MMBtu at around 8:40 a.m. ET.
Amid continued strength in the outlook for liquefied natural gas (LNG) exports, albeit with looming uncertainty from another major hurricane aimed at the Gulf Coast, gas futures extended the previous session’s rally in early trading Tuesday. The November Nymex contract was up 2.8 cents to $2.643/MMBtu at around 8:50 a.m. ET.
Coming off a stretch of day/day declines going back to last week, natural gas futures recouped some of their recent losses in early trading Thursday as traders awaited the latest round of government inventory data. The November Nymex contract was up 1.8 cents to $2.545/MMBtu at around 8:45 a.m. ET.
With prices finding little support from mild weather shaping up after the current week, natural gas futures extended their recent slide in early trading Wednesday. After plunging 23.4 cents in Tuesday’s session, the November contract was down another 10.4 cents to $2.457/MMBtu at around 8:50 a.m. ET.
As analysts continued to digest the implications of the latest government inventory report, natural gas futures early Friday pared some of their recent gains.
After sliding for much of the month, natural gas forwards rocketed higher during the Sept. 17-23 period as export demand steadily increased and on cooler changes to the long-range forecast. October prices jumped an average 17.0 cents during that time, while November launched 23.0 cents higher on average, according to NGI’s Forward Look.