Natural Gas yesterday settled up by 17.7% at 159.6 as demand rose for exports of liquefied natural gas (LNG), and weather forecasters boosted expectations for hot weather and cooling demand next week.
MCX Natural Gas Price Above 165 Real Blast Target 180—192, Buy on Dips, Need Patience – Neal Bhai Reports
Data provider Refinitiv said average U.S. production fell to a two-month low of 87.8 billion cubic feet per day (bcfd) so far in August from 88.0 bcfd in July and an all-time monthly high of 95.4 bcfd in November.
An unseasonably strong cool shot will bring showers and comfortable highs of 70s to 80s to the central US, Midwest, and Ohio Valley this week for much lighter national demand. Heavy rain is expected along the East Coast Mon-Tue as Tropical Storm Isaias tracks northward.
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Regionally hot conditions continue across the West and far southern US w/highs of 90s to 100s. Warmer conditions will push into the central and northern US next weekend, while hot most elsewhere, increasing national demand back to strong levels.
CME Group’s flash readings for Natural Gas futures markets noted open interest rose by almost 14.1K contracts on Friday, reversing the previous build. Volume, instead, shrunk for the second session in a row, this time by around 103.3K contracts.
