Updated Aug 22, 2024
8/22/24
Natural gas futures rallied after a government report showed a remarkable August decrease in storage. Analysts interpreted it as a bullish sign of supply/demand tightening after a hot summer and lower production levels. By early afternoon, however, profit-taking dropped the front month into a narrow range of gains and losses.
Natural gas futures were near even ahead of today’s government inventory report. Analysts were looking for an unusually small increase – or a withdrawal from storage.
Natural gas futures pushed higher Wednesday as traders positioned for a possible rare midsummer storage draw that would add further evidence of tightening market balances.
Natural gas futures forged upward through early afternoon trading on Wednesday, with the prompt month headed toward a sixth gain in seven sessions.
Natural gas futures rallied five out of six sessions leading into Wednesday in large part because of expectations for a paltry storage print this week.
Natural gas futures hovered in a narrow but positive range to launch trading Wednesday, with bulls focused on late August heat, lower production, and forecasts for an anemic storage print.
Natural gas futures erased early gains to finish lower on Tuesday as traders took profits to pause a rally sparked by this month’s dropoff in gas production.
Natural gas futures rallied early Tuesday, bolstered by late August heat forecasts and expectations for a paltry storage result. However, after five days of gains, traders took profits by midday and sent the prompt month lower.
Natural gas futures were treading lightly early on Tuesday, with traders assessing recent bullish supply/demand signs that ignited an August rally against the unknowns of another potential hurricane lurking in the Atlantic and stubbornly high storage levels.
Natural gas futures rose on Monday for a fifth session as the possibility of a rare summer storage draw later this week highlighted lower output alongside decent demand tightening supply-demand balances.