U.S. Natural Gas Futures Fall Awaiting Hotter Weather
1504 ET – Natural gas futures end the day and the week lower as inventories continue to build amid low seasonal weather-driven demand. National demand is likely to be light over coming days, with regional strength in the West and parts of Texas, NatGasWeather.com says in a note. Longer-range forecasts show heat building across the U.S. in the second half of June for strong national demand, the forecastser adds. 'If it doesn't and cooler trends show up, it very likely will be met with disappointment.' Nymex gas for July delivery settles down 2.1% at $3.447/mmBtu for a 7.5% weekly loss. (anthony.harrup@wsj.com)
1007 ET – U.S. natural gas futures are down for a third straight session as low weather-driven demand looks set to last into the first days of June while LNG feedgas flows ease and production edges up. The EIA this week reported a fifth straight triple-digit increase in inventories, and further large builds are expected before higher temperatures set in to lift demand. 'As the market sees this inflection point begin to arrive-likely alongside hotter weather forecasts-Nymex gas futures may mark a bottom and pivot higher,' Eli Rubin of EBW Analytics says in a note. Nymex natural gas is down 0.8% at $3.493/mmBtu. (anthony.harrup@wsj.com)
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