Prior was 84B. US natural gas prices have come off the bottom in part due to higher power burn and exports to Mexico. However if there is any kind of larger rally coming, producers will need to show some discipline. At $2.60, the industry isn't making much money. This latest number won't help. tweet at 4:30pm: US EIA Natural Gas Storage Change (BCF) 16-Jun: 95 (exp 90; prev 84) - Salt Dome Cavern Nat Gas Change (BCF): +6 (prev +5)Natural Gas price starts falling after Gas storage data beats estimates Natural Gas price starts declining on Thursday after Natural Gas Storage Change data from the Energy Information Administration (EIA) shows a suprise rise in inventories, indicating robust supply. Gas prices have been recovering due to a mixture of a weaker US Dollar and hotter-than-expected summer weather in the Western world. Temperatures in Texas, for example, are breaking records and the trend is set to continue for 7-10 days, according to forecasters. If the summer is hotter overall, it will quickly put pressure on Natural Gas supplies used in air conditioning, according to a report by Natural Gas World. XNG/USD is trading at $2.637 MMBtu, at the time of writing, entering the US session on Thursday. Natural Gas starts a leg lower on intraday charts after Natural Gas Storage data showed an unexpected rise in inventories. The commodity had been recovering amid a weaker US Dollar and heatwave demand. Norwegian outages continue to ravage the supply outlook and further underpin already low prices. If temperatures across the Western world continue to remain elevated, Natural Gas could see further gains, according to analysts.
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June 22, 2023 at 09:50PM
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Powell: 'I Think There Is A Path' To A Soft Landing - Forex Factory
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