Updated Sep 25, 2024
9/25/24
By Kevin Dobbs
onNatural gas futures advanced for a second session on Wednesday, with bulls betting that production declines ahead of Hurricane Francine’s landfall would offset the storm’s inevitable demand destroying impacts.
Kevin Dobbs joined the staff of NGI in April 2020. Prior to that, he worked as a financial reporter and editor for S&P Global Market Intelligence, covering financial companies and markets. Earlier in his career, he served as an enterprise reporter for the Des Moines Register. He has a bachelor's degree in English from South Dakota State University.
October Nymex natural gas futures fluctuated between gains and losses Tuesday before turning lower as profit taking, hurricane risks and middling demand choked off some of the rocket fuel powering the previous three days’ nearly 33.0-cent run higher.
Nearly a dozen market participants announced a series of deals at Gastech 2024 in Houston last week, landing more than 5 million metric tons/year (mmty) of global LNG export and import capacity as supplies are forecast to grow through the end of the decade.
The October natural gas futures contract flew higher on Monday, building on the prior week’s rally and remaining comfortably above a key technical threshold. It settled at $2.613/MMBtu, up 17.9 cents day/day. This followed back-to-back gains to close out last week.
The soon-to-expire October Nymex natural gas futures contract reversed overnight gains, ticking a few cents lower early Tuesday on the heels of an impressive 17.9-cent advance Monday. Gains were motivated by the uncertain impact of a large storm system in the Gulf of Mexico (GOM) and a tight market balance.
Prompt month natural gas futures marched higher Monday as risks to supply from a developing Gulf Coast storm added to pipeline issues and bullish weather revisions in tightening up market balances.
European natural gas prices moved higher on Monday as tensions rose in the Middle East and Ukraine.
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