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Bulls Extend Natural Gas Futures Rally to Third Day – Barely; Spot Prices Sustain Momentum - Natural Gas Intelligence

Natural Gas Intelligence · last updated

Bulls Extend Natural Gas Futures Rally to Third Day - Barely; Spot Prices Sustain Momentum - Natural Gas Intelligence

Supported by expectations for slowing production, prompt-month natural gas futures gained just enough ground to notch a third consecutive advance on Tuesday. The June Nymex gas futures contract settled at $2.376/MMBtu, up one-tenth of a cent day/day. July ticked down eight-tenths of a cent to $2.534.

At A Glance:

- Prompt month ekes out gain
- Production ticks below 100 Bcf/d
- Weather demand remains weak

NGI’s Spot Gas National Avg. advanced 12.0 cents to $2.155.

Bullish traders continued to bet that the latest Baker Hughes Co. (BKR) data, which showed natural gas-directed rigs dropped by 16 to 141 last week, would prove a harbinger for lower production levels in the coming months.

Output to date this year has exceeded demand as producers remained active amid a winter that...

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