Updated Sep 25, 2024
9/25/24
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.
Weekly natural gas cash prices were led higher by hubs in the Permian Basin flipping positive as all regions except Canada posted gains in the latest trading period.
Prompt month natural gas futures rose for a second day on Friday, supported by tight market balances and another storm threat to offshore gas supply possibly arriving next week.
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.
LNG buyers are signing long-term supply contracts at an unprecedented clip, and those contracts are increasingly being linked to U.S. natural gas benchmarks such as Henry Hub, according to NGI Senior LNG Editor Jamison Cocklin.
Natural gas futures rallied on Wednesday, extending a week-to-date win streak amid advancing cold in the North, strengthening spot prices and solid LNG demand.
Natural gas futures rallied a second straight day, bolstered by cooler trends for the densely populated Northeast, spot market momentum and moderated production.
Natural gas futures fell for a second consecutive day, with cooler weather and diminished demand overshadowing hits to production and a seasonally light storage injection.
A mixed week of natural gas forwards price action brought strengthening in the south central Lower 48, countered by shoulder season moderation for the Northeast and out West, an analysis of NGI’s Forward Look data for the Sept. 14-20 trading period shows.
Natural gas futures floundered on Wednesday, continuing a topsy-turvy trading trend as market participants weighed continued strong supplies against robust – but varying – cooling demand and forecasts for more of the same.