Natural Gas News – May 7, 2024
Natural Gas News – May 7, 2024
Texas Heat Wave Spurs Sharp Turn in Prices
U.S. natural gas futures saw a sharp increase on Monday, buoyed by a shift to an upward trend as indicated by intermediate and short-term trend indicators. The market’s momentum has turned positive with futures trading higher after breaking significant trend lines. At 13:31 GMT, Natural Gas Futures are trading $2.214, up $0.072 or
+3.36%. According to NatGasWeather, current forecasts predict hot temperatures across Texas and the South, which are expected to drive demand between Tuesday and Thursday. However, a bearish outlook persists for areas east of the Rockies over the next 5 to 15 days. These mixed weather conditions influence both spot prices and futures, reflecting a volatile demand environment. Over the weekend, Texas’ high temperatures, alongside reports of increased feedgas usage by Freeport LNG exceeding… For more info go to https://tinyurl.com/2s4tzpnd
Natural Gas Prices Maintain Uptrend in Fourth Straight Day
Natural Gas (XNG/USD) retreated from its peak performance on Monday at $2.40 after markets were pricing in more risk premium on the heated-up situation in the Middle East. Although ceasefire talks are taking place again in Cairo, headlines on Monday showed that a deal is still far from near and Israel has started its ground offensive in Gaza’s southern city of Rafah. Meanwhile, Australian Liquified Natural Gas (LNG) exports are expected to drop
substantially with Chevron’s Gorgon plant remaining offline for at least five weeks. The US Dollar Index (DXY) is heading higher on Tuesday after Monday saw US Dollar bulls salvage it from a further slide by eking out a daily close above 105.00. That level is a line in the sand on the DXY chart in terms of more upside or downside. Natural Gas is … For more info go to https://tinyurl.com/3dw7n666
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