Updated Sep 25, 2024
9/25/24
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.
Natural gas futures probed lower to kick off the new week as forecasts called for fading cooling demand and production recovered some ground from the lows of the prior week.
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.
The U.S. Energy Information Administration (EIA) on Thursday reported an injection of 40 Bcf natural gas into storage for the week ended Sept. 6. The result was shy of expectations and historical norms, proving bullish for Nymex natural gas futures.
Natural gas futures powered forward on Thursday, bolstered by anemic government inventory data and lighter production readings that could further support supply/demand balances.
Prompt month natural gas futures traded solidly higher Thursday, reaching an intraday high of $2.286/MMBtu enlivened by a storage print that fed bullish sentiment, coming in below estimates and well below historical averages.
The U.S. Energy Information Administration (EIA) on Thursday reported an injection of 13 Bcf natural gas into storage for the week ended Aug. 30. The result fell far short of historical norms as well as expectations, supporting upward momentum for Nymex natural gas futures.
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 trended higher early Tuesday but gave back most gains as the market considered lingering heat against an impending fall cooldown and a tighter supply/demand balance.
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.