With sizable storage injections looming as forecasts continued to advertise mild weather-driven demand amid pleasant May temperatures, natural gas futures skidded lower in early trading Wednesday.
Giving back the 2.9-cent gain from the previous session, the June Nymex contract was off 3.5 cents to $2.232/MMBtu at around 8:40 a.m. ET.
There were only minor changes to the temperature outlook in model runs overnight, according to NatGasWeather.
“The overnight data maintained light to very light national demand the next 15 days due to limited coverage of highs into the 90s,” the firm said.
Longer-range forecasting pointed to light demand continuing into late May and early June, with highs of 70s into the lower 90s expected for most of the country, NatGasWeather added....
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May 10, 2023 at 07:56PM
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Mild May Temps, Looming Injections Put Pressure on Natural Gas Futures - Natural Gas Intelligence
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