Market Updates

Market Update: June 5, 2024

Natural gas futures have shown mixed performance recently, with production declines and fluctuating LNG feedgas demand. June bidweek prices rose due to increased power demand and warmer forecasts, with demand expected to jump significantly. LNG exports are projected to rise above the five-year average, while natural gas production sees a slight uptick. North American natural gas storage remains significantly above the five-year average.

The latest storage report from the EIA stated an increase of 84 BCF. The current inventory level now sits at 2.795 TCF, which is 15.7% higher than last year and 26.5% higher than the 5-year average.

According to Baker Hughes, the latest rig remains unchanged at 600 total rigs. One year ago, the total rig count stood at 696 rigs.

NYMEX Natural Gas Futures

Electric Pricing Forward Calendar Strips

Working gas in underground storage compared with the 5-year maximum and minimum | EIA

Temperature Outlook: June 12-18, 2024 | NOAA | NOAA

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