Updated Aug 30, 2024
8/30/24
By Jodi Shafto
onSeptember Nymex natural gas futures were pummeled Thursday as the latest storage report outlined a relatively large build that, combined with shoulder season demand expectations, stoked end-of-season supply concerns.
Jodi Shafto joined NGI as a Senior Natural Gas Reporter in October 2023. Before that, she was a business news reporter for South Carolina's largest daily newspaper, The Post and Courier, and was a Senior Energy Markets Reporter at S&P Global Market Intelligence. Based out of Charleston, Jodi has covered US energy markets since 2005 as a reporter, editor and analyst. A New Jersey native, she holds a BS in Journalism from Bowling Green 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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