Market Updates

Market Update: May 15, 2024

Natural gas futures have been trading higher week over week due to lower production and higher residential-commercial and LNG demand. However, forecasts of mild weather led natural gas futures to trade lower yesterday compared to Monday.

The latest storage report from the EIA stated an increase of 79 BCF. The current inventory level now sits at 2.563 TCF, which is 21% higher than last year and 33.3% higher than the 5-year average.

According to Baker Hughes, the latest rig count decreased by two to 603 total rigs. Oil rigs fell by three while gas rigs increased by one. One year ago, the total rig count stood at 731 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: May 22-28, 2024 | NOAA


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