Heatwave Forecasts Support Upside Potential for Natural Gas
CTRACoterra(CTRA) ZACKS·2024-06-18 21:11

The U.S. Energy Department's weekly inventory release showed that natural gas supplies increased more than expected. The bearish inventory numbers affected natural gas futures, which settled with a small loss week over week. However, signs of production pullback, resurgence of LNG exports and heatwave-related summer demand are set to support near-term prices. The commodity is already on an upswing, gaining some 30% in May — its best monthly performance since July 2022 — driven by an improved macro backdrop. ...