NEW YORK: US natural gas futures held near a 14-week high on Tuesday as a bullish decline in output and increase in feedgas to liquefied natural gas (LNG) export plants offset a bearish decline in forecast demand over the next two weeks that was greater than previously expected.
Front-month gas futures for June delivery on the New York Mercantile Exchange remained unchanged to $2.199 per million British thermal units (mmBtu) at 9:47 a.m. EDT (1347 GMT). On Monday, the contract closed at its highest since Jan. 29 for a second day in a row.
That kept the front-month in technically oversold territory for a third straight day for the first time since January 2024.
US gas production was down about 11% so far in 2024 after several energy firms, including EQT and Chesapeake Energy , delayed well completions and cut back on other drilling activities after prices fell to 3-1/2-year lows in February and March.
Comments
Comments are closed for this article.