This is the first mention of $10 natty that we've seen, and coming from NGI demands attention. As in the old trader's line: "Pay attention or pay the offer."
From Natural Gas Intelligence, May 5:
Natural gas futures flirted early with a loss for the first time this week on the heels of a bearish storage report but quickly turned a corner and rallied again on Thursday as traders fixated on supply/demand imbalances. The June Nymex gas futures contract settled at $8.783/MMBtu, up 36.8 cents day/day. July rose 36.9 cents to $8.841.
At A Glance:
- EIA posts 77 Bcf storage increase
- Forecasts point to intense heat
- Export demand holds strong
NGI’s Spot Gas National Avg. dipped lower for the first time this week, falling 15.5 cents before finishing trading at a still lofty $8.000.
Markets have rallied from late April through this week on intensifying concerns about supply weakness globally and in the United States. This comes as the summer cooling season nears and demand for American exports hovers near record levels amid Russia’s invasion of Ukraine.
U.S. output has held about 2 Bcf or more below the 2022 peak over the past couple weeks from a combination of harsh weather and spring maintenance projects....
....MUCH MORE
