US Natural Gas Futures Near One-Week Low on Demand Outlook

Author: Emily Fairchild…

US Natural Gas Futures Near One-Week Low on Demand Outlook

U.S. natural gas futures hovered near a one-week low on Tuesday after the Memorial Day weekend, as forecasts for lower demand next week weighed on prices. June futures fell 0.4% to settle at $2.894 per mmBtu.

Supply and Demand

LSEG data showed average gas output in the Lower 48 states fell to 109.4 bcfd in May. The storage surplus narrowed to about 6% above normal. Demand is expected to slide to 98.3 bcfd next week.

Negative Prices at Waha Hub

Spot gas prices at the Waha Hub in West Texas remained negative for a record 76 consecutive days due to pipeline constraints. In California, spot power prices turned negative for the 12th time this year.

Global Gas Markets

Henry Hub at $2.93/mmBtu, TTF at $15.90/mmBtu, JKM at $18.81/mmBtu. LNG exports fell from April's record high due to spring maintenance at several plants.

Impacted Symbols

Symbols affected by this headline and their sentiment signals

NG1!Negative

Natural gas futures fell to a one-week low due to weaker demand outlook and mild weather. Storage surplus and declining demand are pressuring prices.

Impact score85%

XOMNeutral

Exxon Mobil Corporation

ExxonMobil may be indirectly affected by maintenance at LNG export plants, but the direct impact on company profitability is limited.

Impact score30%

TFM1!Neutral

TTF natural gas futures may be indirectly affected by US market developments, but European supply-demand dynamics differ, limiting the impact.

Impact score25%

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