Updated Aug 30, 2024
8/30/24
Natural gas futures retreated on Thursday, following a relatively robust storage injection and forecasts for tapered cooling demand over the balance of July. The August Nymex contract fell 4.6 cents day/day and settled at $3.614/MMBtu. September slipped 4.7 cents to $3.601. It marked a third straight day of losses.
The U.S. Energy Information Administration (EIA) on Thursday reported an injection of 55 Bcf natural gas into storage for the week ended July 9. The result was above most analyst expectations and sent natural gas futures lower initially, though the prompt month quickly rebounded.
As traders eyed the upcoming release of the latest weekly government inventory data, and as overnight forecasts advertised cooler trends for later this month, natural gas futures slid a few cents lower in early trading Thursday. The August Nymex contract was down 3.1 cents to $3.629/MMBtu at around 8:45 a.m. ET.
Amid mixed changes to the weather outlook overnight, natural gas futures reversed lower in early trading Tuesday. After rallying 7.5 cents in the previous session, the August Nymex contract was down 2.9 cents to $3.720/MMBtu at around 8:50 a.m. ET.
As analysts continued to mull the balance implications of a government inventory report that surprised to the bullish side of market expectations, natural gas futures probed higher in early trading Friday. The August Nymex contract was up 3.2 cents to $3.720/MMBtu at around 8:50 a.m. ET.
Fueled by a large decline in production, intense heat and a return to strong exports, the Energy Information Administration (EIA) reported a modest 16 Bcf injection into storage inventories for the week ending July 2.
Coming off losses in the previous two sessions, natural gas futures continued to slide in early trading Thursday as the market prepared to digest the latest round of government inventory data. The August Nymex contract was off 2.0 cents to $3.576/MMBtu at around 8:50 a.m. ET.
The uncertainty created by a sharp decline in production proved too much to bear (no pun intended) for the natural gas market on Thursday. Traders eventually brushed off a large miss in the latest government storage report, sending the August Nymex gas futures up another 1.1 cents to $3.661. The September contract tacked on eighth-tenths of a cent to $3.632.
The Energy Information Administration (EIA) launched a “bear bomb” on the natural gas market Thursday, reporting a much larger-than-expected 76 Bcf injection into storage for the week ending June 25.
Natural gas futures seemed headed for another volatile session Thursday, rallying in early trading ahead of the latest round of government inventory data. The August Nymex contract was up 10.0 cents to $3.750/MMBtu at around 8:50 a.m. ET.