Market Wavers on August Natural Gas Futures Price Rally Ahead of Expiry
August natural gas futures are riding higher before rolling off the board next week with speculator positioning and technical levels providing support.
August natural gas futures are riding higher before rolling off the board next week with speculator positioning and technical levels providing support.
Halliburton Co. CEO Jeff Miller during the second quarter conference call expressed cautious optimism for a rebound during 2025 in North American exploration and production (E&P).
Weekly natural gas cash prices drifted lower despite sizzling summer temperatures across much of the Lower 48 and maintenance work in the Permian Basin that temporarily lowered production below the century mark.
Natural gas markets traded on either side of even through midday Friday as traders weighed vying potential bullish and bearish catalysts.
North American upstream activity remained sluggish through the first half of the year, with little optimism things would change before 2025, according to an industry survey.
Natural gas markets were trading sharply lower through midday trading Wednesday amid signs of capitulation by bulls. Physical prices, meanwhile, were lower for the eastern half of the country ahead of a stretch of cooler weather.
August natural gas futures have grown more oversold by the day in July, tumbling past multiple technical levels to converge with spot cash prices and put $2/MMBtu psychological support into view.
Supported by increased feed gas flows to the Freeport LNG export terminal on the Texas coast, natural gas futures were moving higher in early trading Tuesday.
August Nymex natural gas futures deepened losses Thursday despite excessive heat across much of the country. The market appeared to defy the outlook for heavy gas demand in favor of robust supplies.
Against a backdrop of strong production, stout supplies in storage and a demand-thwarting hurricane, natural gas forward prices struggled for direction and ultimately gave up ground.