Natural Gas News – August 6, 2024
Natural Gas News – August 6, 2024
Hurricane Debby Impacting Futures, Inventory, and Market Forecast
Natural gas futures rise, testing $1.907 support, as traders watch Hurricane Debby and mixed weather forecasts. Debby’s aftermath and cooling demand in Southeast impact natural gas futures, causing market fluctuations. Canadian Natural Resources Ltd. slows gas production due to low prices, shifts focus to higher return oil wells.
Hurricane Debby hits Southeast, threatens power outages and demand destruction, affecting futures prices. NWS predicts cooler temperatures in Northern Plains and Great Lakes, easing natural gas demand next week. Natural gas futures are showing a modest increase on Tuesday after successfully testing the key support level
at $1.907. Traders remain cautious as they monitor the aftermath of Hurricane Debby and mixed weather forecasts affecting cooling demand in the Southeast. At 13:14 GMT, Na… For more info go to https://tinyurl.com/4fayupz8
Heat Across Western US Keep Power, Natural Gas Prices Elevated
Excessive heat warnings are in effect across large portions of the Western US in the early part of this week, helping to keep wholesale electricity and natural gas prices elevated throughout the region. The US National Weather Service said in its short-range forecast Aug. 5 that the excessive heat warnings cover the Desert Southwest region
and portions of California’s central/southeastern California. A few major population areas are poised to see daily high temperatures in the 110s. Among notable areas in the West poised to see high temperatures above historical norms for this week are Las Vegas, Phoenix, Salt Lake City and Sacramento. Las Vegas’ temperature was
112 degrees Fahrenheit Aug. 4 and forecast to average 108.9 degrees Aug. 5-11, about 5% hotter than the city’s historical normal … For more info go to https://tinyurl.com/46krxuza
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The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.
