Updated Sep 25, 2024
9/25/24
By Jodi Shafto
onBulls took control of the market Thursday afternoon after October Nymex natural gas futures briefly tumbled to an intraday low at $2.223/MMBtu following a reported storage build of 58 Bcf for the week ended Sept. 13.
Here’s the latest:
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 floated from gains to losses during Tuesday afternoon trading. The market was caught between prospects of significant demand destruction and production shut-ins as Tropical Storm Helene formed over the Caribbean. Cash prices were mixed by varied demand.
October Nymex natural gas futures surged through early afternoon Monday, bolstered by the potential for production disruptions later this week, with another storm brewing in the tropics.
Natural gas futures rocketed through midday trade Friday in a volatile session that saw the contract sink as low as $2.314/MMBtu and rise as high as $2.440. Changes in supply and demand fundamentals drove wide swings.
Another attempt by market bulls to pull October Nymex natural gas futures higher ran into a wall Wednesday afternoon as bears resumed control. The market had a muted response to the Federal Reserve’s (Fed) interest rate cut decision while moving lower on weaker demand.
After rising to the highest level since July, natural gas futures drifted into the negative in afternoon trade on Tuesday as the market searched for fundamental support to hold onto gains.
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.
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