U.S. Natural Gas Futures Extend Losses to Seven Weeks
Dow Jones08-08 03:34
1534 ET - U.S. natural gas futures post their seventh consecutive weekly loss as strong production and soft LNG feedgas offset high seasonal power-sector demand. Prices face further downward pressure with a new pipeline set to carry gas out of the oversupplied Permian Basin into East Texas and closer to the benchmark Henry Hub in Louisiana, Rabobank senior energy strategist Joe DeLaura says in a note. "On top of this bearish news, weather forecasts also trended cooler for the coming weeks, indicating lower demand for the power-plant fuel as consumers dial back on their air-conditioning use." Nymex natural gas settles up 0.8% at $2.662/mmBtu for a 3.1% weekly loss.
At the request of the copyright holder, you need to log in to view this content
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments