Nat Gas News – October 4, 2017
Nat Gas News – October 4, 2017
Natural Gas Falls Even as EIA Confirms Bullish Supply Data
Nasdaq reports: The U.S. Energy Department’s weekly inventory release showed a smaller-than-expected increase in natural gas supplies. However, unfavorable weather forecasts and strength in the commodity’s production, induced a minor drop in prices. Shrugging off EIA’s latest commentary, natural gas prices edged down 0.5% last week to settle at $3.007 per MMBtu on Friday as investors chose to concentrate on below-normal temperature predictions (translating into easing cooling gas demand) over the first few days of October. Prices were further dented by the continued strength in dry gas production. Despite occasional hiccups, long-term fundamentals for the commodity continue to be supportive on the back of structural imbalances. While domestic natural gas production is expected to rebound this year, the growing use of liquefied natural gas (or LNG), booming LNG and Mexican exports, replacing coal-fired power plants and higher demand from industrial projects will likely take care of the increased output. For more visit nasdaq.com or click http://bit.ly/2kk751U
Natural Gas Futures Slip Further on Bearish Weather Forecasts
Investing.com reported: Investing.com – U.S. natural gas futures eased further on Tues, one day after suffering its worst daily loss in more than a week as traders reacted to the reality that higher demand for the commodity was coming to an end. Natural gas futures sank to a three-week low on Monday amid bearish weather forecasts which should limit demand for the fuel. Warm high pressure will quickly strengthen and expand east of the Plains this week with widespread highs of upper 60 to near 80°F across the northern U.S. and 80s to locally near 90°F over the southern U.S., according to NatGasWeather.com. Market participants looked ahead to weekly storage data due on Thurs, expected build range between 48 and 58 BCF for the week ending September 29. For more visit investing.com or click http://bit.ly/2yVazev
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