Natural Gas Lower Despite Broader Turmoil

June 15th, 2020

Natural gas prices are moving lower in NY, down 3.3 cents at $1.697/mmBtu in conjunction with broader declines in crude oil and US equity futures amid fears of a resurgence of the coronavirus in the US and China.

Natural gas investors are tracking weather patterns to see whether late June and into July may provide hotter-than-normal temperatures that could boost gas-fired electricity grid demand.

The market has overlooked the moderately bullish weekly EIA storage report late last week that showed a slightly-below-normal injection of 93B cubic feet,

which helped bring the storage surplus down to 18% above the average vs 19% the previous week.

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