Natural Gas News – May 28, 2024
Natural Gas News – May 28, 2024
Steady as Traders Weigh Production and Heat Trends
Natural gas futures decline as technical pressures and fundamental factors drive sell-offs. Last week, the EIA reported a 78 Bcf storage injection, below forecast, with production up amid higher prices. Heatwave boosts Texas power usage; cooler northern U.S. forecasts reduce gas demand. U.S. natural gas futures are flat on Tuesday
after recovering from early session weakness. Coming off heavy selling late last week, natural gas futures were nearly unchanged early Tuesday as traders considered stronger production and mixed June forecast trends ahead of the front-month contract expiration. At 14:01 GMT, Natural Gas futures are trading $2.518, unchanged.
Last week, U.S. natural gas futures experienced a significant decline due to technical pressures and fundamental factors. The market saw substantial sell-offs and… For more info go to https://tinyurl.com/ye2ydmtk
Natural Gas Up Nearly 3% On Its Road To Recovery
Natural Gas price (XNG/USD) holds its ground on Monday after reaching a six-month high of $3.16 on Thursday and immediately facing profit taking. The last squeeze came on the back of a Bloomberg article reporting that Austria warned that the remaining Gas flows out of Russia might get disrupted after a court ruling said that European companies no longer need to make payments to Gazprom on deliveries. Traders were pushing up Gas prices ahead of any disruption risk, but now profit-taking is underway and Gas prices are looking for support levels. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, roughly trades
flat after a volatile ride last week. A mixture of geopolitical events with mixed data has pushed the DXY back below 105.00. US markets are… For more info go to https://tinyurl.com/4k5fn94f
This article is part of Daily Natural Gas Newsletter
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