Natural Gas yesterday settled up by 5.53% at 385.3 on forecasts for higher demand next week than previously expected, as air conditioning use remains strong in many parts of the country and heating demand starts to pick up in other areas.
Prices were climbing as record global gas prices keep demand for U.S. exports high at the same time that more than half of U.S. production in the Gulf of Mexico remains shut-in two weeks after Hurricane Ida hit the Gulf Coast, and U.S. gas inventories, like those in Europe, remain lower than normal heading into the winter heating season when demand for the fuel peaks.
With the front-month up about 28% since late August when Ida entered the Gulf of Mexico, gas speculators boosted their net long positions on the NYMEX and Intercontinental Exchange last week for a second week in a row for the first time since early June, according to data from the Commodity Futures Trading Commission (CFTC).
Data provider Refinitiv said gas output in the U.S. Lower 48 states has fallen to an average of 90.1 billion cubic feet per day (bcfd) so far in September, from 92.0 bcfd in August, due mostly to Ida-related losses along the Gulf Coast. Refinitiv projected average U.S. gas demand, including exports, would rise from 87.2 bcfd this week to 87.5 bcfd next week.
- MCX Natural Gas trading range for the day is 385——397
- Natural Gas rose on forecasts for higher demand next week than previously expected.
- NG Prices were climbing as record global gas prices keep demand for U.S. exports high.
- Further more than half of U.S. production in the Gulf of Mexico remains shut-in two weeks after Hurricane Ida hit the Gulf Coast.
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