Natural Gas News – May 30, 2024
Natural Gas News – May 30, 2024
Prices Fall as Volatility Rises to 10 – 20 Cents per Day
U.S. natural gas prices are trending lower, reversing Tuesday’s gains and facing increased volatility. Recent sessions show daily price movements of 10-20 cents, significantly higher than previous months. Despite higher demand and increased LNG exports, significant oversupply and production increases pressure prices downward. U.S. natural gas prices are trending lower on Wednesday, reversing Tuesday’s gains following the first rally since last week’s price reversal. Despite increased demand forecasts, market conditions remain volatile. At 13:12 GMT, Natural Gas futures are trading $2.746, down $0.079 or -2.80%. Daily volatility in the natural gas market has escalated, with daily trading ranges expanding significantly. According to NatGasWeather, recent sessions have seen daily price movements of 10-20 cents, compa… For more information, go to https://tinyurl.com/yc5hvhy7
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 sub… For more information, go to https://tinyurl.com/ye2ydmtk
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