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Barchart
Barchart
Rich Asplund

Nat-Gas Prices Recover as Active U.S. Nat-Gas Rigs Decline

September Nymex natural gas (NGU23) on Friday closed +0.007 (+0.25%).

Nat-gas prices Friday recovered from early losses and closed slightly higher.  Short-covering emerged in nat-gas futures Friday afternoon after the weekly report from Baker Hughes showed active U.S. nat gas rigs fell to a 1-1/2 year low.  Nat-gas also garnered support from the latest weather forecasts that call for above-average temperatures to return to the West, South, and Eastern U.S. from August 17-24, with excessive heat persisting in the Southwest.  The hotter temperatures will boost nat-gas demand from electricity providers to power air conditioning.

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