Loading…
The NYMEX August natural gas contract traded up about 7 cents to around $1.90 per MMBtu on hot weather forecasts. Weather-driven demand ran 5-6 Bcf per day above normal and a sudden production issue added to the rise.
Above-normal heat demand shrinks expected storage injections, which supports prices. Analysts see resistance near $1.91 with a possible move toward $2.
globallnghub.comDavid CallananJul 8, 2020After 221 past bullish weather events, Natural Gas moved a median +3.3% over 5 sessions (61% higher; middle half -5.2% to +14.0%), and -0.3% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
