Natural Gas News – August 8, 2024
Natural Gas News – August 8, 2024
What’s Behind the 4.38% Spike in Natural Gas Futures?
Natural gas futures prices surged nearly 4% on August 7, 2024, defying recent bearish trends. Several factors likely contributed to the rally, including bargain hunting, inventory concerns, geopolitical risks, technical factors, and shifting weather patterns. The price surge could benefit natural gas producers but may lead to increased energy costs for consumers. Investors should exercise caution and carefully assess market fundamentals before making investment decisions. Natural gas futures surged 4.38% on August 7, 2024, shaking off the recent bearish sentiment that had been weighing on prices. This unexpected rally raises questions about the underlying dynamics of the market and what factors are driving this renewed optimism. Several elements could be contributing to this sudden rise: Bargain hunting: After a… For more info go to https://tinyurl.com/yetmr78u
Prices Edge Lower Ahead of Critical EIA Storage Report
U.S. natural gas market teeters as traders await a crucial EIA storage report to gauge future price direction. Natural Gas Futures trading at $2.081, down 1.47%, reflects market tension ahead of the storage report release. Despite a recent rally, the $2.149 resistance level remains a significant barrier for a bullish price surge. Forecasts of extensive mid-August heat contrast with current mild temperatures, creating market suspense. EIA storage report expected to show a 22-30 Bcf build, which could heavily influence September contract prices. As the weekly government storage report looms, the U.S. natural gas market finds itself in a precarious position. Prices have edged lower but remain up for the week, highlighting the market’s uncertainty and anticipation. This delicate balance sets… For more
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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.
