Updated Aug 30, 2024
8/30/24
North American natural gas prices continued to be in rally mode, with prices moving in the direction of $3.00/MMBtu Thursday amid hot weather and high demand.
Traders over recent sessions fixated on rising natural gas production estimates and a government inventory print that exceeded market expectations. This cut off a late-spring price rally over the past week.
North American natural gas futures have been on a hot streak these past two weeks as warmer temperatures and tighter supplies provided market bulls with some optimism.
Mexico needs to develop its own natural gas prices, industry participants said at a recent conference.
North American natural gas forwards rallied across the 2024 strip during the May 2-8 trading period as sagging production readings and an incrementally supportive LNG export outlook stirred bullish optimism.
Technical indicators suggest natural gas bulls could soon take control of the market after a run higher for June natural gas futures on the New York Mercantile Exchange (Nymex).
Editor’s Note: NGI’s Mexico Gas Price Index, a leader tracking Mexico natural gas market reform, is offering the following column by Eduardo Prud’homme as part of a regular series on understanding this process.
The U.S. natural gas rig count slid to 102 during the week ended Friday (May 3) as three rigs were sent packing for the period, according to updated figures from oilfield services provider Baker Hughes Co. (BKR).
North American natural gas futures worked their way above $2.00/MMBtu this week amid tighter U.S. production and storage levels.
Editor’s Note: NGI’s Mexico Gas Price Index, a leader tracking Mexico natural gas market reform, is offering the following column by Eduardo Prud’homme as part of a regular series on understanding this process.