Natural gas prices jump 15 cents to $1.698/mmBtu as the latest short-term temperature forecasts point to some hotter weather that could lift demand.
Analysts say market sentiment remains bearish despite today’s uptick after prices fell Thursday to a 25-year-low $1.4820/mmBtu.
Weak demand largely due to coronavirus is weighing heavily on the market as industrial gas demand declines,
and would-be foreign buyers of US LNG cancel planned purchases.
That’s causing storage to rise faster than expected, with total inventories now at 3.012T cubic feet, an 18% surplus to the five-year average.