Updated Sep 25, 2024
9/25/24
Senior Editor, Markets
Fairfax, VA
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.
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.
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 were lower ahead of and shortly after Thursday’s inventory report landed heavier than expectations, but prices ultimately regained their footing and pushed higher as the injection was lighter than seasonal norms, underscoring a tighter path for supply.
More needs to be done to facilitate investment in natural gas infrastructure supporting a buildout in U.S. manufacturing, especially in fast growing strategic industries like semiconductors, industry executives said earlier this month.
The U.S. Energy Information Administration (EIA) on Thursday reported an injection of 58 Bcf natural gas into storage for the week ended Sept. 13. The result, above median expectations, initially sent futures lower.
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.
Natural gas futures pushed higher Monday as LNG export volumes bounced back over the weekend following former Hurricane Francine and lingering heat across southern regions was expected to boost cooling demand.