August Nymex natural gas (NGQ25) on Monday closed sharply lower by -0.283 (-7.57%).
Aug nat-gas prices plunged on Monday on speculation that forecasts for cooler US temperatures will curb nat-gas demand from electricity providers to power air conditioning and allow US nat-gas inventories to keep rebuilding. Forecaster Atmospheric G2 said Monday that forecasts shifted cooler across the central and eastern US for July 10-14. As of June 20, EIA nat-gas inventories were +6.6% above their 5-year seasonal average, signaling adequate nat-gas supplies. Nat-gas prices were also weighed down by carryover weakness from Monday's fall in European nat-gas prices to an 8-week low.
