Updated Sep 25, 2024
9/25/24
October Nymex natural gas futures were drifting on either side of unchanged early Wednesday as traders held onto bullish support from a tight balance while watching Hurricane Francine, now a Category 1 storm, hasten her pace toward Louisiana.
Tropical Storm Francine formed Monday in the Gulf of Mexico and was expected to become a hurricane before reaching the Louisiana and upper Texas coastlines on Wednesday.
Natural gas futures powered forward on Thursday, bolstered by anemic government inventory data and lighter production readings that could further support supply/demand balances.
Discussions of data centers once again took center stage during the recently completed the second quarter 2024 North American natural gas earnings season, and I’m trying to decide what is more fascinating – the potential increase in demand...
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 shook off early weakness to close higher Tuesday, supported by dialed-back supply at the start of the month and the heart of the hurricane season not yet threatening to knock LNG exports off their faster pace.
European and Asian natural gas prices fell again on Tuesday amid weak demand, but the losses could be shortlived as concerns over potential supply disruptions persist.
Pressured ahead of Wednesday’s expiration, September Nymex natural gas futures slid another 5.2 cents Tuesday in low volume trade.
With supply appearing more than ample to meet demand through the waning days of summer, natural gas futures gave up more ground through midday trading Tuesday. Natural gas spot prices also fell.
Permian Basin benchmark Waha cash prices, mired in a protracted slump amid limited natural gas takeaway capacity and a supply glut, may see the summer come and go without relief. But a massive new pipeline is slated to enter service this fall, promising to free up an abundance of associated gas and ease pricing pressure.