August Nymex natural gas (NGQ25) on Tuesday closed lower by -0.041 (-1.19%).
Aug nat-gas prices on Tuesday added to Monday's significant losses and posted a 5-week nearest-futures low. Ramped-up US nat-gas production and forecasts for cooler US temperatures are hammering nat-gas prices. Forecaster Vaisala said Tuesday that forecasts shifted cooler in the middle of the country for July 6-10 and shifted cooler across the southern states for July 11-15. The cooler weather should potentially curb nat-gas demand from electricity providers to power air conditioning and allow US nat-gas inventories to continue rebuilding. As of June 20, EIA nat-gas inventories were +6.6% above their 5-year seasonal average, signaling adequate nat-gas supplies.
