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Barchart
Rich Asplund

Nat-Gas Prices Jump as Active U.S. Nat-Gas Rigs Plunge

BNEF United States Nymex Electricity Baker Hughes Natural Gas

June Nymex natural gas (NGM23) on Friday closed up +0.076 (+3.47%).

Jun nat-gas prices Friday jumped to a 1-1/2 week high and closed sharply higher.  Above-normal U.S. temperatures have increased demand from electricity providers to power air-conditioning.  According to BNEF data, gas demand for power generation is at the highest seasonal levels since at least 2014.  Gains in nat-gas accelerated Friday afternoon when Baker Hughes reported that the number of active U.S. nat-gas drilling rigs in the week ended May 12 plunged by -16 to a 13-month low of 141 rigs.

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