Natural gas futures had one of their best trading sessions in recent months after the US government reported a smaller-than-expected build in domestic inventories. Natural gas has enjoyed the last few trading sessions higher, but the consensus is that prices will eventually dip below the crucial threshold. October natural gas futures surged %excerpt%.10, or 4.58%, to .24 per million British thermal units (btu) on Thursday on the New York Mercantile Exchange. Although prices are down 22% year-to-date, natural gas is poised for a strong weekly gain of about 8%. This is a welcome reprieve for the energy commodity that has been drowning in an ocean of red ink throughout 2019. According to the US Energy Information Administration (EIA), domestic inventories of natural gas climbed by 49 billion
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Natural gas futures had one of their best trading sessions in recent months after the US government reported a
October natural gas futures surged $0.10, or 4.58%, to $2.24 per million British thermal units (btu) on Thursday on the New York Mercantile Exchange. Although prices are down 22%
According to the US Energy Information Administration (EIA), domestic inventories of natural gas climbed by 49 billion cubic feet for the week ending August 9. This is smaller than the market forecast of 54 billion. In total, stockpiles stand at 2.738 trillion cubic feet, up 357 billion cubic feet from the same time a year ago. Also, they are 111 billion below the
Wall Street anticipates that natural gas will soon fall underneath the important $2 mark. There are seemingly two issues plaguing industry: uncertainty in global markets and the US shale gas boom.
Meanwhile, American producers are not slowing down operations. Even as prices trade at their lowest levels since 2016, output has topped 100 billion cubic feet per day, up more than 35% from 2013.
Supplies remain 4% under their
In other energy markets, October West Texas Intermediate (WTI) crude oil futures dropped $1.06, or 1.92%, to $54.17 per barrel. November Brent crude futures tumbled $1.46, or 2.45%, to $58.02 a barrel. September gasoline futures shed $0.04, or 2.45%, to $1.63 per gallon. September heating oil futures fell $0.03, or 1.8%, to $1.81 a gallon.
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