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US natural gas futures extended gains as a 70 Bcf storage injection for the week ending May 10 came in below expectations and was tighter than historical norms. Wood Mackenzie said balances had flipped to much tighter than earlier in the season.
Forecasters also expected above-normal temperatures in Texas and the East, and Houston storms had no impact on LNG.
Tight storage and expected heat support higher summer gas prices, which raise energy costs for US processors. Tighter balances going into peak cooling season reinforce the bullish price trend.
naturalgasintel.comJeremiah ShelorMay 17, 2024Not enough comparable past events yet for a historical read.
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.
