Natural gas futures
Prices are near a five-week high due to a reported fall in natural gas production, a lower-than-expected rise in US natural gas inventories, and short covering.
Highs and lows
US natural gas active futures prices hit $1.68 per MMBtu on March 4, 2016—the lowest level in 17 years. On the other hand, prices hit $3.99 per MMBtu on December 28, 2016—the highest level in almost three years.
Natural gas prices drivers next week
In the US, the weather will likely be mild due to Hurricane Harvey, which could pressure natural gas prices next week. However, an expectation of slowing natural gas production due to lower natural gas and crude oil prices in the last few months could support gas next week. Hurricane Harvey also led to a supply outage, which would support prices.
Natural gas traders calendar
Some important events for natural gas traders on September 4–8, 2017, are:
- On September 7, the U.S. Energy Information Administration will release its weekly natural gas inventory report.
- On September 8, Baker Hughes will release its US natural gas rig count report.
In this series, we’ll discuss US natural gas inventories, natural gas rig counts, US natural gas production and consumption, and some natural gas price forecasts.
In the next part of this series, we’ll analyze how Hurricane Harvey impacted US weather.