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Barchart
Barchart
Rich Asplund

Nat-Gas Prices Tumble on Ample U.S. Supplies and Cooler U.S. Temps

Aug Nymex natural gas (NGQ23) on Thursday closed -0.160 (-6.00%).

Nat-gas prices Thursday sold off sharply to a 5-week low on a larger-than-expected build in weekly EIA inventories and forecasts for cooler U.S. temperatures next week, which will curb nat-gas demand from electricity providers to power air conditioning.  The EIA reported Thursday that nat-gas inventories rose +16 bcf last week, above expectations of +14 bcf.  Also, forecaster Atmospheric G2 said below-normal temperatures are expected for the northeastern U.S. and California to the Northern High Plains from Aug 1-5.

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