Updated Sep 25, 2024
9/25/24
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.
Prompt month natural gas futures fell for a second day Wednesday as the market stayed focused on shifting autumn supply/demand balances, sidestepping a broad rally sparked by the Federal Reserve’s (Fed) aggressive start to an interest rate-cutting cycle.
Natural gas futures stumbled lower on Tuesday as technical resistance reared its head after gains in six of eight previous sessions.
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.
Weekly natural gas cash prices sank as former Hurricane Debby curbed demand in the East and West Texas prices sank deeper into the negative.
Natural gas futures on Friday forged ahead through midday trading, putting the prompt month on target for its fourth gain in as many sessions, though it pulled back and hovered near even by early afternoon. Weakness in West Texas pressured spot prices lower.
Natural gas futures rose for a third day on Thursday after a relatively lean government storage build signaled production levels might be running lower than expected.
Natural gas futures pushed higher for a second day Wednesday, supported by a production slowdown this week and bears scattering ahead of a possible light summer storage print on Thursday.
Natural gas futures advanced early Wednesday and kept momentum rolling through midday trading. The prompt month headed for a second daily advance. The cash market posted modest gains in most regions, meanwhile, though West Texas showed customary losses as supplies backed up amid maintenance work.
A portion of the recently completed Mountain Valley Pipeline LLC (MVP) was shut for maintenance Tuesday, causing capacity cuts and driving Southeast regional natural gas prices higher.