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Barchart
Rich Asplund

Nat-Gas Prices Surge on Smaller Build in Weekly EIA Inventories

EIA United States Nymex BNEF Electricity Natural Gas

June Nymex natural gas (NGM23) on Thursday closed up +0.227 (+9.60%).

Jun nat-gas Thursday rallied sharply and posted a 2-month high.  A smaller-than-expected build in weekly domestic supplies sparked a rally in nat-gas prices.  The EIA reported nat-gas inventories rose +99 bcf last week, well below expectations of +108 bcf.  Nat-gas prices also rose on forecasts for hot U.S. weather, boosting nat-gas demand from electricity providers to power increased air conditioning usage.  Forecaster Maxar Technologies said above-normal temperatures are expected across most of the northern U.S. states from May 23-June 1.

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