Articles tagged spot gas

October Nymex natural gas futures were higher through Monday afternoon trading as production cutbacks continued while strong LNG demand countered the expected decline in power sector load as weather turned mild across the bulk of the country.

Benchmark natural gas spot prices are poised to jump this summer and prove substantially stronger through the balance of 2024, according to updated federal forecasts.

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.

Technical indicators suggest more losses for natural gas in the immediate term, while the futures contract has reached a crucial point in its longer-term search for direction.

Natural gas futures traded in a tight range of gains and losses to kick off the trading week, and the front month ultimately trended up slightly despite falling temperatures and waning weather-driven demand.

Natural gas futures were higher at the top of the week as searing heat blanketed much of the Lower 48, challenging record power loads and stressing grids. The September Nymex gas futures contract settled Monday at $2.632/MMBtu, up 8.1 cents from Friday’s settlement. October futures climbed 5.2 cents to $2.743.

Natural gas futures eked out another gain – the fourth in a row – on Monday as robust cooling demand in Texas and surrounding states supported prices. With increased gas flowing south of the border into Mexico as well, the June Nymex gas futures contract edged up 6.2 cents to $2.791/MMBtu.

Natural gas futures forged ahead Monday, rebounding from a 7% drop the previous week, as forecasts for colder air late this month and early next galvanized bulls. News Monday that a key export facility was another step closer to reopening after a fire last year added to the momentum.

Natural gas futures recovered Monday as weather shifted substantially colder, driving heating demand and offsetting festering concerns about the relaunch of a key export facility. The December Nymex gas futures contract settled at $5.933/MMBtu, up 5.4 cents day/day. January gained 3.6 cents to $6.299.

Forecasts for dramatic warm-up after this week’s snowy, chilly week sent natural gas futures prices tumbling on Monday. The November Nymex gas futures contract plummeted 45.4 cents to $5.999/MMBtu, while December futures dropped 34.8 cents to $6.479.