Updated Sep 25, 2024
9/25/24
By Kevin Dobbs
onNatural gas futures treaded lightly early Thursday after Hurricane Francine made landfall as a Category 2 storm. Its fierce winds caused power outages, dropped temperatures and interrupted LNG activity. The storm also hindered production. An anemic inventory report amplified bullish supply trends and ultimately sent the futures market into rally mode.
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.
Purchase a subscription or enter your email address to access.
By submitting my information, I agree to the Privacy Policy, Terms of Service, and to receive offers and promotions from NGI.
Already an NGI Subscriber? Sign in
