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Barchart
Barchart
Rich Asplund

Abundant US Supplies and a Mild Spring Undercuts Nat-Gas Prices

United States Gas Prices NatGasWeather Nymex BNEF EIA Freeport Natural Gas

June Nymex natural gas (NGM24) on Wednesday closed down by -0.059 (-2.96%).

June nat-gas prices closed moderately lower on Wednesday for a second session.  Ample US supplies and mild spring temperatures are undercutting nat-gas prices.  As of April 19, nat-gas inventories were +37.0% above their 5-year seasonal average.  NatGasWeather said Tuesday that "surpluses are still expected to remain hefty and over +600 bcf into late May, which will keep the background state bearish."  On Wednesday, NatGasWeather said forecasts show above-normal temperatures for most of the US for May 8-15.  

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