All articles tagged with #cooling demand
Natural gas futures experienced a sharp decline in after-hours trading due to a weaker weather-driven demand outlook for September. The October Nymex contract dropped 17.5 cents to $2.590/MMBtu, while November fell 12.6 cents to $2.985. Cooler trends from weather models and the European model's projection of seasonal temperatures and demand levels contributed to the decline.
Natural gas futures fell on Tuesday due to profit-taking after a strong rally last week, while concerns about ample storage supplies continued to weigh on the market. The July Nymex gas futures contract settled at $2.492/MMBtu, down 14.0 cents day/day. Cooling demand increased, and the falling rig counts were in focus. Meanwhile, NGI's Spot Gas National Avg. rose 20.5 cents to $2.180, extending gains made over the course of last week amid mounting demand.
Natural gas futures surged in early trading on Monday as weather models showed hotter temperatures in the southern US by mid-June, strengthening the cooling demand outlook for the second half of the month. Lackluster cooling demand to open the month has left the market impatient for the arrival of more robust heat over key regions. However, updated forecasts as of early Monday suggested more impressive summer heat was finally on its way.