July nymex natural gas (NGN25) On Wednesday -0.026 (-0.74%) closed.
On Wednesday, July Nat-Gas prices joined the loss of this week and reduced to 1-1/2 weeks. Adequate NAT-GAS in prices moved less on expectations for supply and construction. By May 30, the NAT-GAS invention was above their 5-year seasonal average +4.7%, indicating adequate NAT-GAS supply. In addition, the consensus is to climb on Thursday by +107 BCF for the weekly EIA Nut-Gas inventions, which is a larger construction for this time of +87 BCF for this time of five years.
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The loss in NAT-GAS prices was limited by forecast for warm temperatures to go across the US on Wednesday. Forecaster Atmospheric G2 said on Wednesday that the above-normal temperature is expected to go from West to 16 to 20 June to mid and eastern America, which will potentially promote power providers demanding natural gas to run air conditioning.
According to BNEF, low-48 state dry gas production was 104.5 BCF/Day (+3.4% y/y) on Wednesday. According to BNEF, the demand for lower -48 state gas was 69.2 BCF/Day (unchanged Y/Y) on Wednesday. According to BNEF, US LNG LNG export terminals had 13.8 BCF/Day (+1.8% w/w) in LNG LNG export terminals on Wednesday.
The decline in US power generation is negative for demand for NAT-GAS from utility providers. The Edison Electric Institute said on Wednesday that the total US (Lower -48) power generation in the week ended June 7 fell to 82,114 GWh (GWH), although American power generation during the 52 -week period ended June 7 was +3.0% Y/Y to 4,246,137 GWH.
Last Thursday’s weekly EIA report was a slowdown for the prices of NAT-Gais as the NAT-Gais Inventory for the week ended on 30 May +122 BCF, +113 above the expectations of BCF and 5-year average construction for this time of +98 BCF. By May 30, NAT-GAS invention-10.4% y/y/y and +4.7% were above their 5-year seasonal average, indicating adequate NAT-GAS supply. In Europe, the storage of gas was 51% till June 8, for this time of the year 5-year seasonal average was 62% full.
Baker Hughes reported last Friday that the number of American Net-Gais drilling rigs active in the week ended June 6, up to 15 months high of 114 rigs, has fallen since posted on September 6, 2024, above 666, after posted on September 2022, 666. 1987).
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