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11 hours ago
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Smaller-Than-Expected Build in EIA Inventories Lifts Nat-Gas Prices
August Nymex natural gas (NGQ25) on Thursday closed up sharply by +0.123 (+3.83%). Aug nat-gas prices on Thursday settled sharply higher due to a smaller-than-expected build in weekly inventories. The EIA reported that nat-gas inventories rose by +53 bcf in the week ended July 4, below expectations of +61 bcf. Forecasts for hotter temperatures in the West also gave nat-gas prices a boost after forecaster Vaisala said above-normal temperatures are expected to persist in the West July 20-24. The Golden Rule of Grains: Why "Imaginary Fundamentals" Are Crushing Corn & Soybeans Nat-Gas Prices Tumble on Cooler US Temps and Building Inventories Crude Oil Gains on Energy Demand Optimism Stop Missing Market Moves: Get the FREE Barchart Brief – your midday dose of stock movers, trending sectors, and actionable trade ideas, delivered right to your inbox. Sign Up Now! On Wednesday, nat-gas prices tumbled to a 6-week low due to cooler US weather forecasts after Vaisala said that forecasts shifted cooler in the Midwest for July 14-18 and weather outlooks shifted cooler for the eastern half of the US for July 19-23. The cooler temperatures should reduce nat-gas demand from electricity providers to power air conditioning. Lower-48 state dry gas production on Thursday was 106.3 bcf/day (+4.1% y/y), according to BNEF. Lower-48 state gas demand on Thursday was 76.8 bcf/day (-8.7% y/y), according to BNEF. Estimated LNG net flows to US LNG export terminals on Thursday were 15.5 bcf/day (+4.0% w/w), according to BNEF. An increase in US electricity output is positive for nat-gas demand from utility providers. The Edison Electric Institute reported Wednesday that total US (lower-48) electricity output in the week ended July 5 rose +1.0% y/y to 93,747 GWh (gigawatt hours), and US electricity output in the 52-week period ending July 5 rose +2.4% y/y to 4,247,938 GWh. Thursday's weekly EIA report was bullish for nat-gas prices since nat-gas inventories for the week ended July 4 rose +53 bcf, below the consensus of +61 bcf and right on the 5-year average for the week. As of July 4, nat-gas inventories were down -6.0% y/y, but were +6.1% above their 5-year seasonal average, signaling adequate nat-gas supplies. As of July 8, gas storage in Europe was 61% full, compared to the 5-year seasonal average of 71% full for this time of year. Baker Hughes reported last Thursday that the number of active US nat-gas drilling rigs in the week ending July 4 fell by -1 to 108 rigs, slightly below the 15-month high of 114 rigs posted on June 6. In the past nine months, the number of gas rigs has risen from the 4-year low of 94 rigs reported in September 2024. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Yahoo
Nat-Gas Prices Tumble on Cooler US Temps and Building Inventories
August Nymex natural gas (NGQ25) on Wednesday closed down by -0.126 (-3.77%). Aug nat-gas prices on Wednesday tumbled to a 6-week low and settled sharply lower due to cooler US weather forecasts and the outlook for higher nat-gas inventories. Forecaster Vaisala said Wednesday that forecasts shifted cooler in the Midwest for July 14-18 and weather outlooks shifted cooler for the eastern half of the US for July 19-23. The cooler temperatures should reduce nat-gas demand from electricity providers to power air conditioning. Will it Be a Watson Wednesday? Nat-Gas Prices Slip as US Weather Forecasts Cool Red Sea Attacks by Houthi Rebels Lift Crude Prices Stop Missing Market Moves: Get the FREE Barchart Brief – your midday dose of stock movers, trending sectors, and actionable trade ideas, delivered right to your inbox. Sign Up Now! The outlook for higher US nat-gas inventories is also bearish for prices. The consensus is that Thursday's weekly EIA nat-gas inventories will climb by +61 bcf for the week ended July 4, above the five-year average for this time of year of +53 bcf. Lower-48 state dry gas production on Wednesday was 105.3 bcf/day (+3.6% y/y), according to BNEF. Lower-48 state gas demand on Wednesday was 77.5 bcf/day (-8.6% y/y), according to BNEF. Estimated LNG net flows to US LNG export terminals on Wednesday were 15.0 bcf/day (+0.9% w/w), according to BNEF. An increase in US electricity output is positive for nat-gas demand from utility providers. The Edison Electric Institute reported Wednesday that total US (lower-48) electricity output in the week ended July 5 rose +1.0% y/y to 93,747 GWh (gigawatt hours), and US electricity output in the 52-week period ending July 5 rose +2.4% y/y to 4,247,938 GWh. Last Thursday's weekly EIA report was bearish for nat-gas prices since nat-gas inventories for the week ended June 27 rose +55 bcf, above the consensus of +49 bcf but below the 5-year average for the week of +61 bcf. As of June 27, nat-gas inventories were down -5.8% y/y, but were +6.2% above their 5-year seasonal average, signaling adequate nat-gas supplies. As of July 6, gas storage in Europe was 61% full, compared to the 5-year seasonal average of 70% full for this time of year. Baker Hughes reported last Thursday that the number of active US nat-gas drilling rigs in the week ending July 4 fell by -1 to 108 rigs, slightly below the 15-month high of 114 rigs posted on June 6. In the past nine months, the number of gas rigs has risen from the 4-year low of 94 rigs reported in September 2024. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
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Nat-Gas Prices Recover as Hotter Temps Forecast for the Central US
August Nymex natural gas (NGQ25) on Monday closed up by +0.003 (+0.09%). Aug nat-gas prices on Monday recovered from a 6-week low and settled slightly higher as short covering emerged after updated weather forecasts called for above-normal temperatures in the central US, which will boost nat-gas demand from energy providers to power increased air-conditioning usage. Forecaster Vaidsala said temperatures shifted warmer for the middle of the country from July 17 to 21. Energy Demand Optimism and Houthi Rebel Attacks on Red Sea Shipping Boost Crude Prices Crude Prices Climb on Energy Demand Optimism and Middle East Tensions Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. Nat-gas prices on Monday initially extended last Thursday's losses after the weekly EIA inventory report showed nat-gas supplies rose more than expected for the week ended June 27 and remained plentiful, at 6.2% above the 5-year average. Lower-48 state dry gas production on Monday was 106.2 bcf/day (+1.7% y/y), according to BNEF. Lower-48 state gas demand on Monday was 74.8 bcf/day (-3.6% y/y), according to BNEF. Estimated LNG net flows to US LNG export terminals on Monday were 14.9 bcf/day (+0.2% w/w), according to BNEF. An increase in US electricity output is positive for nat-gas demand from utility providers. The Edison Electric Institute reported last Wednesday that total US (lower-48) electricity output in the week ended June 28 rose +3.2% y/y to 99,357 GWh (gigawatt hours), and US electricity output in the 52-week period ending June 28 rose +2.5% y/y to 4,246,983 GWh. Last Thursday's weekly EIA report was bearish for nat-gas prices since nat-gas inventories for the week ended June 27 rose +55 bcf, above the consensus of +49 bcf but below the 5-year average for the week of +61 bcf. As of June 27, nat-gas inventories were down -5.8% y/y, but were +6.2% above their 5-year seasonal average, signaling adequate nat-gas supplies. As of July 5, gas storage in Europe was 60% full, compared to the 5-year seasonal average of 70% full for this time of year. Baker Hughes reported last Thursday that the number of active US nat-gas drilling rigs in the week ending July 4 fell by -1 to 108 rigs, slightly below the 15-month high of 114 rigs posted on June 6. In the past nine months, the number of gas rigs has risen from the 4-year low of 94 rigs reported in September 2024. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
