Latest news with #NewYorkMercantileExchange
Business Recorder
19 hours ago
- Business
- Business Recorder
US natural gas down
NEW YORK: US natural gas futures dipped on Monday due to near-record production, but forecasts for extreme heat that will boost cooling demand and a shorter US deadline for Russia to agree to a ceasefire in the war with Ukraine capped the slide. Front-month gas futures for August delivery on the New York Mercantile Exchange were down 1.2 cents, or 0.4%, to $3.10 per million British thermal units at 9:48 a.m. EDT, after hitting its lowest price since late April at $3.047 earlier in the session. The August contract expires on Tuesday. LSEG said average gas output in the Lower 48 has risen to 107.4 billion cubic feet per day so far in July, up from a monthly record high of 106.4 bcfd in June. 'In the short term, these production numbers have been a negative factor. But I think we're getting close to the bottom of prices as now we see the demand expectations rising,' said Phil Flynn, senior analyst for Price Futures Group 'The market is going to face some pretty substantial amounts of air conditioning demand this week. Also, Trump's shorter deadline for Russia has raised concerns about new sanctions on Russian gas and oil.' Meteorologists forecast temperatures in the Lower 48 US states will remain mostly hotter than normal this week. A heat dome is driving record-breaking temperatures across the Southeast, mid-South, and parts of the Midwest.
Business Recorder
3 days ago
- Business
- Business Recorder
US natural gas prices steady
NEW YORK: US natural gas futures held steady on Friday as near-record output and lagging flows to liquefied natural gas export plants offset forecasts for near-record heat early next week. That heat should cause power generators to burn more gas to meet soaring air conditioning demand, which will likely stress regional power systems. Front-month gas futures for August delivery on the New York Mercantile Exchange were up 1.2 cents, or 0.4%, to $3.106 per million British thermal units at 12:46 p.m. EDT (1646 GMT). That small increase pushed the contract out of technically oversold territory for the first time in three days. Prices, however, were still down about 13% this week after gaining about 8% last week.
Business Recorder
6 days ago
- Business
- Business Recorder
US natgas lower on near-record output
NEW YORK: US natural gas futures slid about 3% to a two-month low on Wednesday on near-record output, stagnant gas flows to liquefied natural gas (LNG) export plants, and ample amounts of gas in storage. Front-month gas futures for August delivery on the New York Mercantile Exchange fell 8.7 cents, or 2.7%, to $3.165 per million British thermal units, putting the contract on track for its lowest close since May 19. Despite hotter than normal weather this summer, analysts projected record output should allow energy firms to keep injecting more gas into storage than usual in coming weeks. Gas stockpiles were already about 6% above normal levels for this time of year. The US National Hurricane Center (NHC) said a tropical system off the east coast of Florida had a 10% chance of strengthening into a tropical cyclone over the next week as it moves into the Gulf of Mexico. Even though Gulf storms can boost prices by knocking some gas production out of service, analysts have noted that they are more likely to cut demand and prices by knocking out power to millions of homes and businesses, which reduces the amount of gas electric generators need to burn, and shutting LNG export plants. Only about 2% of all US gas comes from the federal offshore Gulf of Mexico. LSEG said average gas output in the Lower 48 US states rose to 107.3 billion cubic feet per day so far in July from a monthly record high of 106.4 bcfd in June. Meteorologists forecast the weather in the Lower 48 would remain mostly hotter than normal through at least August 7. The hottest days of the summer are expected early next week. Temperatures across the country will average around 81 degrees Fahrenheit (27.2 degrees Celsius) on July 27 and 82 F on July 28-29. If correct, that will exceed the summer's current hottest daily average of 80 F on June 24 but would remain below the daily average record high of 83 F on July 20, 2022, according to data from financial firm LSEG going back to 2018. LSEG forecast average gas demand in the Lower 48, including exports, will rise from 105.9 bcfd this week to 110.1 bcfd next week. Those forecasts were similar to LSEG's outlook on Tuesday. The average amount of gas flowing to the eight big US LNG export plants rose to 15.7 bcfd so far in July as liquefaction units at some slowly exited maintenance reductions and unexpected outages.
Bloomberg
22-07-2025
- Business
- Bloomberg
Platinum Market's ‘Deep' Tightness Shows Little Sign of Relief
The platinum market has tightened to unprecedented levels in the past few days as tariff fears and speculative buying pull metal from the key London and Zurich markets into warehouses in the US and China. Following a record rally last month, spot prices have soared to fresh all-time highs and the implied cost of borrowing the metal for one month has hit the steepest level in data going back to 2002. The inflow of platinum into facilities linked to the New York Mercantile Exchange on Thursday was the second-highest on record.
Business Recorder
15-07-2025
- Business
- Business Recorder
US natgas prices up on hotter weather forecasts
NEW YORK: US natural gas futures climbed about 3% to a one-week high on Monday on forecasts for hotter weather over the next two weeks than previously expected and rising flows of gas to liquefied natural gas (LNG) export plants. Front-month gas futures for August delivery on the New York Mercantile Exchange were up 10 cents, or 3.0%, to $3.414 per million British thermal units at 9:09 a.m. EDT (1309 GMT), putting the contract on track for its highest close since July 2. That price increase occurred despite rising output and forecasts for lower demand over the next two weeks than previously expected. Even though gas futures have dropped about 14% over the past three weeks, speculators last week boosted their net long futures and options positions on the New York Mercantile Exchange and Intercontinental Exchange to their highest levels since early-April, the US Commodity Futures Trading Commission's Commitments of Traders report showed. The US National Hurricane Center said a tropical disturbance off the east coast of Florida has about a 30% chance of strengthening into a tropical storm as it moves west into the Gulf of Mexico off Louisiana, Mississippi, Alabama and Florida over the next week. Analysts have noted that tropical storms in the Gulf can knock some production out of service, but noted that only about 2% of all US gas output comes from the federal offshore Gulf of Mexico. The analysts noted that storms were more likely to be demand-destroying events as they knock out power to homes and businesses, especially if they shut a liquefied natural gas (LNG) export plant. Meteorologists slightly reduced their forecasts for hotter weather for this week but continued to project weather across the Lower 48 US states will remain mostly warmer than normal through at least July 29, especially in late July. Even though the weather has remained above normal so far this summer, analysts expect energy firms to keep injecting more gas into storage than usual in coming weeks. That's because output hit a record high in June and was on track to top that in July, while gas flows to LNG export plants have so far languished since hitting a record in April. There is currently about 6% more gas in storage than the five-year (2020-2024) normal, and analysts expect that surplus to grow in coming weeks.
