Updated Aug 30, 2024
8/30/24
Natural gas futures gave back some of Tuesday’s gains Wednesday after TC Energy Corp. said it was able to isolate the impacts of a rupture of its Nova Gas Transmission Ltd. (NGTL) pipeline in Western Canada.
Natural gas futures remained lower through midday trading Wednesday as LNG export demand weakness continued to weigh on prices. Physical markets were strengthening somewhat amid modestly cooler weather expected later this week.
Natural gas futures jumped higher Tuesday afternoon after reports of a pipeline incident in Alberta broke up an otherwise quiet shoulder season day of trading.
Natural gas futures declined in early trading Wednesday, giving back the gains recorded after an incident on the Nova Gas Transmission Ltd. (NGTL) in Alberta rattled markets and briefly sent prices soaring.
Natural gas futures jumped higher Tuesday afternoon after reports of a pipeline incident in Alberta broke up an otherwise quiet shoulder season day of trading.
Natural gas futures were headed for another daily decline through midday trading Tuesday before a sudden burst higher around 2 p.m. ET threatened to give market onlookers whiplash. Cash prices for the most part were advancing modestly off recent lows.
Lighter shoulder season demand and soft export data overshadowed bullish production estimates and weighed down natural gas futures to kick off trading this week.
Prompt-month natural gas futures on the New York Mercantile Exchange (Nymex) neared $2.00/MMBtu last week but failed to push beyond a $1.943 Wednesday intraday high.
Lighter shoulder season demand and soft export data overshadowed bullish production estimates and weighed down natural gas futures to kick off trading this week.
Natural gas markets felt the pressure of soft shoulder season fundamentals through midday trading Monday. Pleasant April weather, sagging export volumes and the continued inversion of the West Texas spot market contributed to a bearish outlook.