BY CONTINUING TO USE THIS SITE, YOU ARE AGREEING TO OUR USE OF COOKIES. REVIEW OUR PRIVACY & COOKIE NOTICE
X


June NYMEX gas edges lower to $2.818/MMBtu on warm weather and robust production

London (Platts)--16 May 2018 707 am EDT/1107 GMT


NYMEX June natural gas futures edged lower overnight in US trading ahead of Wednesday's open, as warmer weather and robust production are keeping inventories on track to a healthy level ahead of the next major demand period. At 6:40 am ET (1040 GMT) the contract was 1.8 cents lower at $2.818/MMBtu.

Recent and anticipated warm weather looks to encourage additional large builds to storage, as an early uptick in cooling demand meets a sharp decline in heating demand.

During the week ended May 9, warmer weather triggered a 14% increase in power burn week on week but also a 37% drop in residential/commercial sector demand, according to the EIA's latest Natural Gas Weekly Update. Total US gas consumption was down 4% on the week.

Warmer weather is in store further out, as the latest National Weather Service projections for both the six-to-10-day and eight-to-14-day periods continue to reflect above-average temperatures across nearly the entire country.

Article continues below...


Request a free trial of: Gas DailyGas Daily
Gas Daily

Whether you’re a risk manager, research analyst, trader or broker, Platts Gas Daily brings you crucial competitive intelligence across the entire gas marketplace. To request a free trial of Platts Gas Daily, fill out the form below and someone from our team will be in contact with you to setup your trial. Start making decision with confidence in the natural gas market today.

Request a free trialMore Information


A steadily rising rig count that implies an impending production growth should leave more natural gas available to flow into underground storage facilities.

--Staff reports, newsdesk@spglobal.com

--Edited by Maurice Geller, maurice.geller@spglobal.com



Related News & Analysis


Video archives Commodities Spotlight podcast archive News features The Barrel blog

Related Products and Events


Gas Daily Platts Conferences and Events

Copyright © 2018 S&P Global Platts, a division of S&P Global. All rights reserved.