Natural Gas Futures Recover on First Taste of Summer, Production Drop
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Summary:
Another change in the weather data, this time more supportive for gas demand, sparked a rebound in natural gas futures on Tuesday. Strong cash prices and a large dip in production aided in the rally, which resulted in the July Nymex futures contract jumping 5.8 cents to settle at $3.128. August climbed 5.1 cents to $3.140. At A Glance:
June heat intensifying
Market expecting storage build near 100 Bcf
El Paso pipeline performing maintenance
With heat driving up demand in key regions across the United States, including Texas, NGI’s Spot Gas National Avg. shot up 6.5 cents to $2.945.
The warmer trend in the most recent weather data essentially erased the cooler changes seen over the weekend, according to Bespoke Weather Services. It also put June back in the running for the Top Five ho ...
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