Weekly Natural Gas Market Report | July 5th, 2024

Weekly Natural Gas Market Report | July 5th, 2024

Chrislynn Energy provides unparalleled energy management services and energy market knowledge. We put it all to work for your bottom line! Our technical expertise and comprehensive understanding of the energy industry allow us to deliver superior advice and execution to our clients.

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Production increases are driving down prices for more than a week - b e a r i s h.

WEEKLY NYMEX FWD CURVE CHANGES – AUGUST IS OUR PROMPT MONTH

NYMEX

Production, now over 100 Bcf/day, is driving prices further down, despite the heat wave in its third week. Forecasts for warmer-than-normal temps now continue through next week. Gas-fired generation demand is very strong, yet supply is adequate. AUG24 is off 41¢ on the week at 2.35 and getting weaker. Summer is off 88¢ over three weeks, now at 2.41. The market is bearish indeed with lots of production to cover demand.

STORAGE

Working gas increased to 3,134 Bcf as of June 28th, with an injection of 32 Bcf, or 20 Bcf less than the week before. Storage is now 496 Bcf above the 5-year average, losing 36 Bcf – bullish. Demand for gas-fired generation is taking supply off the table, but production remains strong and can increase further.


ONE WEEK CHANGE – NYMEX and OIL

WEATHER

July 5-12: Strong high pressure will continue to cover the West and much of the South into the weekend and next week with highs of mostly 90s and 100s. The East will be warming with highs of 80s and 90s. Overall, High to Very High demand.

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Ohio Certificates- Natural Gas: 14-343G(3) Electric: 14-780E(3)

Pennsylvania Certificates- Natural Gas: A-2016-2562535 Electric: A-2009-2108640

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