- MCX Natural Gas Full Target Hit 👉🏼 221.70 | Neal Bhai Reports
Natural Gas Forecast May 18-24: One weather system will stall over Texas, S. Plains, and South the next few days w/showers and thunderstorms w/highs of 60s to lower 80s. A cooler system will track into the Northwest w/showers and highs of 50s and 60s.
The rest of the US will be near perfect w/highs of upper 60s to lower 80s to aid light national demand though Saturday. National demand will increase late this weekend as very warm highs of 80s to 90s sets up over the eastern ½ of the US, while the West is mild to warm 50-80s w/areas of showers. Overall, LOW-VERY LOW national demand through Friday, then MODERATE next weekend.
Natural Gas yesterday settled up by 6.7% at 230.9 on forecasts for warmer weather over the next two weeks that is expected to prompt power generators to burn more gas to meet rising air conditioning use.
Traders noted that was the biggest daily percentage gain since the Texas freeze in mid February. They noted the price gain came despite a slow but steady increase in production and small declines in exports this month even though gas prices in Europe and Asia were soaring.
Speculators, meanwhile, boosted their net long gas futures and options positions on the New York Mercantile and Intercontinental Exchanges for a second week in a row last week to their highest since early March.
- MCX Natural Gas trading range for the day is 213.2-240.
- Natural Gas jumped on forecasts for warmer weather over the next two weeks that is expected to prompt power generators to burn more gas.
- Speculators, meanwhile, boosted their net long gas futures and options positions on the NYMEX and ICE to their highest since early March.
- Data provider Refinitiv said gas output in the Lower 48 U.S. states averaged 90.9 bcfd so far in May, up from 90.6 bcfd in April.
They were acting on expectations U.S. prices would rise as exports return to record highs with gas prices in Europe near their highest since 2018 and Asia over $10 per mmBtu.
Data provider Refinitiv said gas output in the Lower 48 U.S. states averaged 90.9 billion cubic feet per day (bcfd) so far in May, up from 90.6 bcfd in April, but still well below November 2019’s monthly record of 95.4 bcfd.
With the weather warming, Refinitiv projected average gas demand, including exports, would rise from 82.4 bcfd this week to 85.8 bcfd next week as power generators burn more of the fuel to meet rising air conditioning use.
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