Updated Aug 30, 2024
8/30/24
By Kevin Dobbs
onNatural gas futures on Monday picked up where they left off last week – slumping amid hefty supply levels and signs of fading demand.
The September Nymex gas futures contract was down 4.3 cents to $1.979/MMBtu around 8:40 a.m. ET.
The prompt month contract on Friday settled at $2.022, down 3.1 cents on the day and down 10.1 cents from the prior week’s close. NGI’s Weekly Spot Gas National Avg. for the Aug. 19-23 trading period fell 15.0 cents to $1.495.
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.
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.
The U.S. oil and gas sector maintained robust profits and upstream capital expenditures (capex) in 2023, despite a substantial drop in commodity prices, according to a new analysis by Ernst & Young LLP, aka EY.
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