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November Nymex natural gas futures fell sharply on Monday ahead of Tuesday's expiration, settling at $2.309 per mmBtu. Lower 48 output rose to an estimated 102.8 Bcf/d, weather-driven demand stayed weak, and oil prices fell.
Producers signaled continued restraint in output.
Rising production and weak weather-driven demand build supply pressure that weighs on prices. Expiry-related selling pushed futures toward cash prices, which were lower.
naturalgasintel.comJodi ShaftoOct 28, 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.
Expiring November contract tumbled toward cash prices ahead of expiry, depressing the front month and widening the gap to December, so the roll to December produced a large apparent 1-day move.
