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Barchart
Barchart
Rich Asplund

Abundant US Nat-Gas Supplies Weigh on Prices

United States Nymex BNEF Electricity Natural Gas

August Nymex natural gas (NGQ24) on Friday closed down by -0.099 (-4.09%).  

Aug nat-gas prices Friday declined for the eighth consecutive session and posted a 7-week low.  Nat-gas prices remain under pressure due to abundant supplies as US nat-gas inventories as of June 28 were +18.8% above their 5-year seasonal average.    Also, weather forecasts have been trending cooler in the US, which will curb nat-gas demand from electricity providers to run air-conditioning.  The Commodity Weather Group said Wednesday that forecasts moved cooler for the central part of the US for July 8-12.  

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