Post by
bull_runz on Apr 05, 2024 4:46pm
NG Futures
US natural gas futures climbed by 2% to $1.8/MMBtu on Friday, bouncing back slightly from a 4.4% drop in the previous session. However, the market was still weighed down by negative power and gas prices in parts of Texas, California, and Arizona, as well as high gas storage levels. In the Northeast, over 401,000 homes and businesses were still without power due to recent storms, leading to reduced gas demand. Spot market prices in Texas, California, and Arizona were also affected by low demand, ample renewable energy sources, and gas pipeline maintenance. In the West, electricity prices in California and Arizona plummeted to record lows below zero multiple times in recent days. Looking ahead, meteorologists predicted cooler-than-normal weather across the Lower 48 through April 7, followed by a warmer trend from April 8-20. Natural gas prices in the US are expected to increase by 3% for the week.