June Nymex natural gas closed on Friday at $2.73, a rise of $0.013 (+0.47%), reaching a three-week high. This uptick is supported by anticipated below-normal temperatures in the U.S., which are likely to increase heating demand. The Commodity Weather Group forecasts these cooler temperatures across the eastern U.S. through May 10.
As of April 24, U.S. natural gas inventories were reported at 2,080 Bcf, 7.7% above the five-year seasonal average, indicating ample supply. U.S. dry gas production stood at 109.7 Bcf/day, up 3.1% year-over-year. Additionally, the ongoing closure of the Strait of Hormuz is expected to limit Middle Eastern gas supplies, potentially boosting U.S. exports due to heightened global demand for liquefied natural gas (LNG).
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