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Natural Gas Futures Advance Early as Market Mulls Easing Production, Strong Power Demand - Natural Gas Intelligence

Natural Gas Intelligence · last updated

Natural Gas Futures Advance Early as Market Mulls Easing Production, Strong Power Demand - Natural Gas Intelligence

As traders continued to assess a tighter-than-average injection in the latest inventory data, natural gas futures clawed back some of their recent losses in early trading Friday.

Coming off an 8.7-cent slide in the previous session, the August Nymex contract was up 4.0 cents to $2.585/MMBtu at around 8:45 a.m. ET.

The Energy Information Administration (EIA) reported a 49 Bcf injection into domestic storage for the week ended July 7, versus expectations for a print in the low 50s Bcf.

Including a revision to week-earlier stocks, total Lower 48 working gas in underground storage stood at 2,930 Bcf as of July 7, 364 Bcf above the five-year average, according to EIA.

“Compared to a degree days and normal seasonality, this week is around 0.9 Bcf/d tight versus the prior...

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