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June Nymex natural gas (NGM22) on Monday closed up +0.231 (+3.19%) to a 1-1/2 week high.
Outlook for colder-than-normal U.S. temperatures pushed #natgas Monday. The National Oceanic and Atmospheric Administration (NOAA) said Monday that below-normal temperatures are forecast for most of the U.S. Northeast and Northwest from May 7-11, which should boost heating demand for nat-gas.
Ongoing drought in the U.S. West has drained rivers and reservoirs, with Lake Mead falling to a record low. That threatens to curb power produced by hydropower dams and will prompt electricity providers in the U.S. West to boost usage of nat-gas to increase electricity to satisfy power demand this summer for air-conditioning.
Nat-gas prices last month soared to a 13-1/2 year nearest-futures high by concern about tight U.S. nat-gas supplies. Concern has grown that colder U.S. spring temperatures will de… Read more
EIA reported a higher-than-expected build of 77 Bcf of working gas in storage saw Natural gas futures shrugged off the news and surge to near a 14-yea
[See the full post at: Into The Vortex – Natural Gas Outlook as Europe Moves on Global LNG Supplies]
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