Pacific Natural Gas Storage Surplus Falls to Single Digits Despite Strong Canadian Imports
Pacific inventories of underground natural gas remain elevated relative to historical norms – but far less so than any other region.
Senior Editor, Markets
Sioux Falls, SD
Pacific inventories of underground natural gas remain elevated relative to historical norms – but far less so than any other region.
Natural gas futures probed higher early Friday, supported by favorable weather data and steadily strong cooling demand.
Natural futures forged ahead early Thursday but leveled off, and by early afternoon, were trading in the red following a lean government inventory print. Spot prices were nearly flat at midday.
Natural gas futures traded upward early on Thursday as the market awaited the latest government inventory data.
Natural gas futures, suppressed for most of July amid stronger production and supply surpluses, finished the month on a sour note.
Natural gas futures found fresh footing on Tuesday, bolstered by intensifying heat and rebounding LNG activity. It marked a bullish premiere for September futures at the front of the curve.
Natural gas futures flopped for a fifth straight session amid stout levels of supply and the August contract’s final run at the front of the curve. Futures often fall heading into expiration.
Weekly natural gas cash prices retreated amid seasonally mild temperatures in key sections of the Lower 48 and strong national production.
Natural gas futures on Friday floundered for the fourth time in as many sessions, as supplies in storage remained on course to culminate the injection season at historically robust levels in spite of a hot summer.
Natural gas futures slumped lower for a third straight session on Thursday, hindered by a bearish storage print relative to expectations and elevated supply levels overall.