Market Updates

Market Update: May 29, 2024

Natural gas futures have continued to rise over the past week as weather forecasts predict warmer weather for most of the country, though some models indicate cooler temperatures in the South Central region. The National Weather Service forecasts that most of the Lower 48 states will likely experience above-average temperatures over the next three months, with many states expected to have a hotter-than-normal summer. However, healthy storage levels and milder temperatures in longer-term forecasts could lead to lower prices.

The latest storage report from the EIA stated an increase of 78 BCF. The current inventory level now sits at 2.711 TCF, which is 17.4% higher than last year and 28.8% higher than the 5-year average.

According to Baker Hughes, the latest rig count decreased by four to 600 total rigs. Gas rigs fell by four. One year ago, the total rig count stood at 711 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 5-11, 2024 | NOAA

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