{"id":25720,"date":"2023-06-21T21:33:29","date_gmt":"2023-06-22T01:33:29","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/natural-gas-holds-to-big-june-gain-as-another-storage-data-release-looms\/"},"modified":"2023-06-21T21:33:30","modified_gmt":"2023-06-22T01:33:30","slug":"natural-gas-holds-to-big-june-gain-as-another-storage-data-release-looms","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=25720","title":{"rendered":"Natural gas holds to big June gain as another storage data release looms"},"content":{"rendered":"
\n

Investing.com — Caution is the new watchword in natural gas \u2014 caution against the lows that is.<\/p>\n

With a near 15% gain for June, gas futures on the New York Mercantile Exchange\u2019s Henry Hub are headed for their best performance since August \u2014 the month they hit a 14-year high of $10 per mmBtu, or metric million British thermal units.<\/p>\n

While summer weather hasn\u2019t hit its typical baking point across the country, cooling demand is inching up by the day \u2014 sparking the realization in the trade that higher price lows might be more common from here than new bottoms. The lowest Henry Hub\u2019s front-month got to this week was $2.448, versus the $2.136 bottom seen at the start of June.<\/p>\n

On Wednesday, the settled up 10.5 cents, or 4.2%, at $2.597, after a 14-cent, or 5.3%, tumble, in the previous session to $2.49.<\/p>\n

The consolidation from the slide came despite estimates for in the latest week to June 16 showing a relatively high build of 88 billion cubic feet. In the previous week, there the gain was just 84 bcf versus a forecast of 96 bcf. Only in two prior weeks, the build was above 100 bcf, the target desired by gas bears.<\/p>\n

\u201cAfter last week\u2019s surprise storage injection on the bullish end of the spectrum, market participants are again shifting expectations to a more cautious outlook,\u201d Houston-based energy markets advisory Gelber & Associates said in a note to its clients in natural gas. \u201cFear of another rally from storage is fresh in the minds of these participants and as heat begins to materialize, storage injections are likely to temper going forward.\u201d<\/p>\n

Bigger gas storage build forecast; Bulls take estimate in stride<\/h2>\n

The 88-bcf build for last week, forecast by industry analysts, compares with a 76 bcf injection during the same week a year ago and a five-year (2018-2022) average increase of 86 bcf.<\/p>\n

The U.S. Energy Information Administration will report on Thursday the official storage number for the week ended June 16.<\/p>\n

Reuters, meanwhile, cited 52 cooling degree days, or CDDs, last week, from data collated by its research arm Refinitiv. That compared with the 30-year norm of 63 CDDs for the period.<\/p>\n

CDDs, used to estimate demand to cool homes and businesses, measure the number of degrees a day’s average temperature is above 65 degrees Fahrenheit.<\/p>\n

Prior to June\u2019s run-up, gas prices hit lows beneath $2 from benign weather that created little need for either heating or cooling. On top of weak demand has been robust production of the fuel, which has steadily added to the glut in gas supply.<\/p>\n

A year ago, the benchmark gas contract on the Henry Hub was trading at between $7 to $8 per mmBtu, hitting a high of $10 in August on fears of a supply squeeze heightened triggered by the Russia-Ukraine conflict.<\/p>\n<\/div>\n

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

Investing.com — Caution is the new watchword in natural gas \u2014 caution against the lows that is. With a near 15% gain for June, gas futures on the New York Mercantile Exchange\u2019s Henry Hub are headed for their best performance since August \u2014 the month they hit a 14-year high of $10 per mmBtu, or […]<\/p>\n","protected":false},"author":1,"featured_media":7289,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-25720","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nNatural gas holds to big June gain as another storage data release looms | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- Caution is the new watchword in natural gas \u2014 caution against the lows that is. 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