Updated Aug 30, 2024
8/30/24
Natural gas forwards slipped at the front of the curve for most locations alongside trimmed demand expectations for September, while hubs in Canada posted gains ahead of the nation’s first LNG export terminal.
Natural gas spot prices were lower in a week marked by declining demand expectations on the cusp of the fall shoulder season and a slower drawdown of storage surpluses that fed fresh concerns about the stubbornly high Lower 48 supply.
The natural gas market has tossed on a light sweater and officially turned the page on summer, sending prices lower across the forward curve, according to NGI’s Forward Look.
Blistering heat through much of the summer and limited supply flowing west from the Permian Basin kept storage injections in the Pacific region in check, helping to dramatically dwindle a once-massive surplus of natural gas.
The natural gas market has tossed on a light sweater and officially turned the page on summer, sending prices lower across the forward curve, according to NGI’s Forward Look.
Responding to the latest storage print for the week ended Aug. 16, natural gas futures moved lower Thursday as a relatively large injection foiled the recent pace of tightening supply.
Natural gas futures pushed higher Thursday after the U.S. Energy Information Administration (EIA) reported a rare summer withdrawal of 6 Bcf from storage for the week ended Aug. 9.
Natural gas futures rallied five out of six sessions leading into Wednesday in large part because of expectations for a paltry storage print this week.
For the fourth consecutive week, underground supplies of natural gas in storage in the South Central dwindled, bucking seasonal norms as every other region injected excess fuel into underground stocks.
The U.S. Energy Information Administration (EIA) on Thursday reported an injection of 21 Bcf natural gas into storage for the week ended Aug. 2. The result, slightly below expectations, came despite a jump in renewable power that threatened a bearish miss.