Updated Aug 30, 2024
8/30/24
By Kevin Dobbs
onComing 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.
The September Nymex gas futures contract was up 4.0 cents to $2.163/MMBtu at around 8:40 a.m. ET.
On the demand front, NatGasWeather said “very warm to hot high pressure will rule much of the western, central and southern U.S.” this week, with “highs of upper 80s to 100s” to get air conditioners cranking.
Kevin Dobbs joined the staff of NGI in April 2020. Prior to that, he worked as a financial reporter and editor for S&P Global Market Intelligence, covering financial companies and markets. Earlier in his career, he served as an enterprise reporter for the Des Moines Register. He has a bachelor's degree in English from South Dakota State University.
Natural gas futures rose but treaded lightly to kick off the week’s final session, as traders weighed an improving storage trajectory against signs of fading demand.
October Nymex natural gas futures settled higher Thursday on some bullish implications from the latest storage data and potential lingering strong demand on the possibility that hot weather may continue through September.
Natural gas futures reversed early steeper losses but held the downside following the latest storage data, which outlined a largely expected injection for the week ended Aug. 23.
In its first session at the front of the curve, the October Nymex gas futures contract early Thursday was lower and in a holding pattern amid an evolving supply/demand outlook.
Gasping on its final day as the lead contract, September Nymex natural gas futures pushed back against early losses to a $1.856/MMBtu low and rolled off the board with a gain.
Weak natural gas prices through most of 2024 challenged the industry’s profitability, but they helped to dramatically ease the pace of U.S. inflation and, by extension, nudged the Federal Reserve (Fed) to the doorstep of interest rate cuts.
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