{"id":16929,"date":"2023-06-01T18:50:13","date_gmt":"2023-06-01T22:50:13","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/natural-gas-near-1-month-low-after-weekly-storage-build-exceeds-100-bcf\/"},"modified":"2023-06-01T18:50:13","modified_gmt":"2023-06-01T22:50:13","slug":"natural-gas-near-1-month-low-after-weekly-storage-build-exceeds-100-bcf","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=16929","title":{"rendered":"Natural gas near 1-month low after weekly storage build exceeds 100 bcf"},"content":{"rendered":"
\n

Investing.com — The much-anticipated storage injection of 100 billion cubic feet or more for the current build season in natural gas has finally materialized, sending prices of the fuel to a near one-month low on Thursday.<\/p>\n

By 13:30 ET (17:30 GMT), the on the New York Mercantile Exchange\u2019s Henry Hub was at $2.175 per mmBtu, or metric million British thermal units \u2014 down 4% on the day. The session low of $2.138 per mmBtu was the lowest for a benchmark Henry Hub contract since the April 5 bottom of $2.031.<\/p>\n

\u201cThis marks a fifth consecutive session of losses for natural gas futures,\u201d analysts at Houston-based energy markets advisory Gelber & Associates observed in a note. \u201cHigh levels of production, a relatively cool two-week weather outlook, and LNG plant maintenance continuing have provided the fundamental support for price declines over the past trading sessions.\u201d<\/p>\n

But gas prices could rise somewhat in the near term, Gelber\u2019s analysts said.<\/p>\n

\u201cCooling demand is forecasted to ramp up in the middle of June and could offer some bullish support as we approach that point,\u201d they said. \u201cThe market will be keeping a close eye on bearish momentum and whether key support levels will be broken through.\u201d<\/p>\n

U.S. rose by 110 billion cubic feet, or bcf, last week, the Energy Information Administration, or EIA, reported in its roundup of gas storage for the week ended May 26.<\/p>\n

That compared with the 96-bcf injection seen in the prior week to May 19. It also contrasted against the 82-bcf injection seen during the same week a year ago and the five-year (2018-2022) average build of 101 bcf.<\/p>\n

With the latest stockpile increase, the EIA reported that total gas in underground caverns in the United States stood at 2.446 trillion cubic feet, or tcf \u2014 up 29.5% from the year-ago level of 1.889 tcf and 16.6% higher than the five-year average of 2.097 tcf.<\/p>\n

Just two weeks ago, Henry Hub\u2019s benchmark gas contract hovered at 11-week highs of around $2.70, breaking out from the tight confines of mid-$2 pricing on the notion that the market may finally be turning the corner on fundamentals despite its oversupplied state.<\/p>\n

But in recent days, it fell back to under $2.50, which has proven again to be a formidable barrier for gas bulls due to high production, subdued demand for LNG, or liquefied natural gas, and weak demand for cooling forced by unseasonably mild pre-summer weather.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com — The much-anticipated storage injection of 100 billion cubic feet or more for the current build season in natural gas has finally materialized, sending prices of the fuel to a near one-month low on Thursday. By 13:30 ET (17:30 GMT), the on the New York Mercantile Exchange\u2019s Henry Hub was at $2.175 per mmBtu, […]<\/p>\n","protected":false},"author":1,"featured_media":3996,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-16929","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nNatural gas near 1-month low after weekly storage build exceeds 100 bcf | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- The much-anticipated storage injection of 100 billion cubic feet or more for the current build season in natural gas has finally\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=16929\" 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