Updated Sep 25, 2024
9/25/24
By Jodi Shafto
onOctober Nymex natural gas futures stalled overnight before taking a decided turn higher, as weather forecasts varied, driving demand uncertainty, while producers maintained restraint to help balance the market.
The prompt month contract pulled higher early Tuesday, up 4.6 cents to $2.419/MMBtu as of 8:05 a.m. ET, after settling at $2.373 Monday. That was the highest contract close in nearly two months, according to EBW Analytics Group senior analyst Eli Rubin.
Jodi Shafto joined NGI as a Senior Natural Gas Reporter in October 2023. Before that, she was a business news reporter for South Carolina's largest daily newspaper, The Post and Courier, and was a Senior Energy Markets Reporter at S&P Global Market Intelligence. Based out of Charleston, Jodi has covered US energy markets since 2005 as a reporter, editor and analyst. A New Jersey native, she holds a BS in Journalism from Bowling Green 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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