Updated Aug 30, 2024
8/30/24
Natural gas futures slumped further early Monday, but reversed course and avoided falling back for the seventh time in eight sessions. Traders shifted focus from higher production levels to mounting cooling demand that could further narrow storage surpluses.
Baseload natural gas prices advanced during the first day of July bidweek trading on Monday, supported by intense heat taking grip across the Lower 48, with forecasts pointing to more of the same in July.
Natural gas futures flopped on Friday, capping a week of losses driven by rising production volumes that threaten to keep storage levels far above historic norms.
Natural gas futures fell for the fifth time in six sessions on Thursday, as traders looked past sweltering heat over large portions of the Lower 48 and fixated on stout supplies and tropical systems in the Gulf of Mexico (GOM).
Natural gas futures fell Wednesday as traders’ attention shifted back to likely supply additions in the East from the start-up of the Mountain Valley Pipeline LLC (MVP).
Price spikes that plagued natural gas delivered to hubs across California and the Southwest in past summers are unlikely to repeat, even in the face of extreme heat, according to experts.
Baseload natural gas prices held onto gains in southern and western portions of the country on the final day of June bidweek trading Wednesday, while abundant supply and a slow start to summer heat kept most prices in other areas under pressure.
Amid continued downward pressure from excess storage inventories, and with cooling demand yet to ramp up in earnest, regional natural gas forwards drifted lower during the April 25-May 1 trading period, according to NGI’s Forward Look.
Amid continued downward pressure from excess storage inventories, and with cooling demand yet to ramp up in earnest, regional natural gas forwards drifted lower during the April 25-May 1 trading period, according to NGI’s Forward Look.
Natural gas futures were essentially flat through midday trading Friday, with prices seemingly lacking direction amid the competing fundamental trends of sagging export demand and fading production.