Natural Gas News – October 15, 2024
Natural Gas News – October 15, 2024
Natural Gas Continues to See Selling
The natural gas market pulled back a bit in the early trading on Monday, as the market continued to look at the hurricane as a driver previously, but now will start to focus on the upcoming winter in the United States. The natural gas markets have drifted a little bit lower during the trading session on Monday in the early hours as market
participants continue to see a lot of noisy behavior. That being said, I think it’s probably only a matter of time before we have to ask questions of $2.80 underneath, which is an area that previously has been supported. If we break down below there, we could at least in theory be looking at a bit of a “head and shoulders pattern”, which of
course has people standing up and paying attention. And for what it is worth, it could kick off an 11% drop, which would have this market… For more info go to https://tinyurl.com/2mhrxx6c
Nat-Gas Prices Tumble as US Weather Forecasts Warm
November Nymex natural gas (NGX24) on Monday closed down by -0.138 (-5.24%). Nov nat-gas prices Monday tumbled to a 3-week nearest-futures low and closed sharply lower. Forecasts for warmer US temperatures that will reduce heating demand for nat-gas are weighing on prices. Forecaster Maxar Technologies said Monday that forecasts shifted warmer for the Midwest and eastern part of the US for October 19-23. Also, fuel demand concerns are undercutting nat gas prices. As of Monday afternoon, about 400,000 people in Florida were still without power due to outages caused by Hurricane Milton, reducing nat-gas demand from electricity providers. Lower-48 state dry gas production Monday was 101.6 bcf/day (-2.0% y/y), according to BNEF. … For more info go to https://tinyurl.com/mptwc2y7
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