Updated Sep 25, 2024
9/25/24
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.
Natural gas futures on Friday fell for the first time in four sessions amid profit-taking to close out the week. But bullish undercurrents largely prevailed in the aftermath of the former Hurricane Francine.
After breaking above $2.30/MMBtu Thursday, October Nymex natural gas futures were higher early Friday as the market digested the bullish storage print, and looked to sundry fundamentals for additional signs of tightening.
Natural 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.
Natural gas futures powered forward on Thursday, bolstered by anemic government inventory data and lighter production readings that could further support supply/demand balances.
Natural gas futures failed to find a path to a second straight gain this week, despite modestly bullish supply side undercurrents, pockets of demand and strengthening spot prices.
Natural gas futures rose but treaded lightly to kick off the week’s final session, as traders weighed an improving storage trajectory against signs of fading demand.
In its first session at the front of the curve, the October Nymex gas futures contract early Thursday was lower and in a holding pattern amid an evolving supply/demand outlook.
The September Nymex gas futures contract on Wednesday limped along early on its last day at the front of the curve. It was down 1.1 cents to $1.893/MMBtu as of 8:40 a.m. ET.