Sep Nymex natural gas (NGU24) on Monday closed down -0.025 (-1.27%).
Sep nat-gas prices on Monday dropped to a 3-1/2 month nearest futures low and closed moderately lower. Forecasts for cooler US weather amid elevated nat-gas stockpiles are weighing on prices. Forecaster Maxar Technologies said Monday that forecasts trended cooler along the northern tier of the US, especially from the Midwest to the East, for August 10-14. The cooler temperatures are bearish for prices as they curb nat-gas demand from electricity providers to power air conditioning. Also, current US nat-gas supplies are abundant, and as of July 26, nat-gas inventories were +15.7% above their 5-year seasonal average.
