August Natural Gas Futures Slide Amid Cooler Weather, IT Outage
Natural gas futures were down in early trading Friday, undercut by a cooler weather pattern and risk-off sentiment amid a global tech outage.
Natural gas futures were down in early trading Friday, undercut by a cooler weather pattern and risk-off sentiment amid a global tech outage.
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.
The U.S. Energy Information Administration (EIA) on Thursday reported an injection of 10 Bcf natural gas into storage for the week ended July 12.
Natural gas futures moved higher early Thursday as traders prepared to digest updated government inventory data for a week that took difficult-to-predict demand hits from former Hurricane Beryl and a holiday weekend.
Natural gas futures nosedived on Wednesday despite waning production levels and expectations for a seasonally small increase in underground inventories.
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.
A bounce off seasonal lows for natural gas futures fizzled in early trading Wednesday as bulls struggled to take advantage of a key export facility increasing feed gas deliveries for a second day.
Optimism around the restart of the Freeport LNG terminal had natural gas markets moving higher in choppy trade through midday Tuesday.
August natural gas futures have grown more oversold by the day in July, tumbling past multiple technical levels to converge with spot cash prices and put $2/MMBtu psychological support into view.
With forecast models moderating expected heat for the Lower 48 later this week and production riding higher over the weekend, natural gas futures slumped in early trading Monday.