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Barchart
Rich Asplund

Nat-Gas Prices Plunge on Above-Forecast Weekly EIA Inventories

EIA Nymex Electricity United States Natural Gas BNEF

September Nymex natural gas (NGU23) on Thursday closed -0.196 (-6.62%).

Nat-gas prices Thursday plunged after weekly EIA nat-gas supplies rose more than expected.  Also, a cooler U.S. weather forecast weighed on nat-gas prices as the cooler temperatures will curb nat-gas demand from electricity providers to power air conditioning.  EIA nat-gas inventories last week rose +29 bcf, above expectations of +24 bcf.  The Commodity Weather Group said the latest forecasts for August 15-19 show below-average temperatures moving into the Midwest and normal temperatures across the East Coast while the Southwest remains hot.  

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