Natural Gas ($GAS) Commodity Forecast: Up 7.3% Today

What is Natural Gas?

Natural Gas is a widely used commodity for heating and electricity generation. Today, the market saw a strong bullish movement in Natural Gas prices due to various factors affecting supply and demand.

Why is Natural Gas going up?

GAS commodity is up 7.3% on Nov 20, 2024 19:43

• Natural Gas prices surged to a 5-month high of $3.2/MMBtu, driven by colder weather forecasts boosting heating demand.
• The increase in supply of feedgas to U.S. LNG export terminals and robust demand from Mexico contributed to the bullish momentum.
• Production levels slightly decreased, indicating a potential tightening of supply, while export volumes to LNG plants rose, further supporting the price rally.
• Overall, the combination of weather forecasts, supply-demand dynamics, and production trends painted a bullish picture for Natural Gas prices, pushing them to multi-month highs.

GAS Price Chart

GAS Technical Analysis

GAS News

US Natural Gas Prices Hit 5-Month High

US natural gas futures rose more than 6% to almost $3.2/MMBtu, the highest since June 11th, as colder weather at the end of November is expected to boost heating demand. According to the most recent short-term forecast (6-14 days) from the NOAA, colder than usual temperatures are anticipated to extend from the West Coast across most of the nation, excluding the Gulf Coast and East Coast. At the same time, the supply of feedgas to U.S. LNG export terminals has risen to 14.07 billion cubic feet per day, marking its peak since January 2024 and compared to last week's average of 13.5 billion cubic feet per day. Moreover, export volumes to Mexico are currently projected at 6.6 billion cubic feet per day, underscoring robust demand from the region. At the same time, production has slightly decreased, with average output in the Lower 48 states falling to 100.6 bcfd from 101.3 bcfd in October.

Natural gas Hits 12-month High

Natural gas increased to a 12-month high of 3.16 USD/MMBtu. Over the past 4 weeks, Natural gas gained 36.55%, and in the last 12 months, it increased 7.13%.

Natural gas is up by 5%

Natural gas increased 5% to 3.148 USD/MMBtu

Natural gas Hits 23-week High

Natural gas increased to a 23-week high of 3.11 USD/MMBtu. Over the past 4 weeks, Natural gas gained 32.98%, and in the last 12 months, it increased 4.33%.

US Natgas Prices Approach 5-Month High

US natural gas futures rose to above $3.1/MMBtu, closing in on the highest level since June 11th, on expectations of higher demand and as production is slowing down. Colder weather at the end of November are expected to boost heating demand. Meteorologists predict that temperatures in the Lower 48 states will remain above normal through November 27 but will drop below normal from November 28 to December 4. Additionally, gas exports to US LNG plants have increased to 13.4 billion cubic feet per day (bcfd) so far in November, up from 13.1 bcfd in the previous month. At the same time, production has slightly decreased, with average output in the Lower 48 states falling to 100.6 bcfd from 101.3 bcfd in October. Overall, gas production is expected to decline in 2024, marking the first drop since the pandemic disrupted demand in 2020 as many producers reduced drilling activities this due to lower prices.

Trending Today

Sui ($SUI) Crypto Forecast: Down 5.6% Today

Bitcoin SV ($BSV) Crypto Forecast: Up 8.0% Today

Aptos ($APT) Crypto Forecast: Down 9.2% Today

Bitcoin ($BTC) Crypto Forecast: Up 5.3% Today

Floki ($FLOKI) Crypto Forecast: Up 5.1% Today

Litecoin ($LTC) Crypto Forecast: Up 5.9% Today

Polkadot ($DOT) Crypto Forecast: Down 7.1% Today

Avalanche ($AVAX) Crypto Forecast: Down 5.1% Today

Bitcoin Cash ($BCH) Crypto Forecast: Up 16.6% Today

The Graph ($GRT) Crypto Forecast: Down 7.3% Today

Natural Gas Price History

05.10.2024 - GAS Commodity was up 5.3%

• The bullish movement in Natural Gas prices was driven by an impending hurricane in the Gulf of Mexico and forecasts for stronger-than-expected demand, leading to concerns about potential supply disruptions.
• The retreat from a 4-month high was caused by shifting perceptions on supply risks from the Middle East, triggering declines in futures prices amid evidence of ample domestic supply and expectations of more moderate cold weather, which limited demand for gas-intensive heating.
• The temporary shutdown at Freeport impacting U.S. LNG exports and the increase in production projected for late 2024 and 2025 also played a role in the market movement, highlighting the importance of supply-side factors in influencing Natural Gas prices.

28.09.2024 - GAS Commodity was down 5.2%

• The drop in Natural Gas prices is linked to expectations of mild weather, which could decrease heating demand. Consequently, utilities are expected to store more gas than usual at this time of year.
• A decrease in gas flows to LNG export terminals and the possibility of reduced drilling activities leading to a potential output decline in 2024 may have also influenced the price decrease.
• The volatile Natural Gas prices, influenced by weather predictions and supply-side factors, demonstrate the market's susceptibility to external elements. This underscores the importance for traders to closely follow such developments to make well-informed decisions.

28.09.2024 - GAS Commodity was down 7.8%

• Natural gas futures dropped significantly due to forecasts of warmer-than-normal temperatures across the Lower 48 states, reducing heating demand and allowing utilities to inject more gas into storage.
• The decrease in prices was also influenced by the expectation of below-average LNG feedgas supply levels for the next few weeks, as some facilities undergo maintenance in Louisiana.
• Analysts projecting a decline in average natural gas output in 2024 for the first time since 2020 further added to the bearish sentiment in the market.
• Overall, the bearish movement can be attributed to a combination of reduced heating demand, increased storage levels, and maintenance activities impacting supply levels in the natural gas market.

24.09.2024 - GAS Commodity was up 5.0%

• Natural gas prices increased to above $2.3/MMBtu today.
• The rise in prices was triggered by forecasts of cooler weather boosting heating demand, lower production levels, and expectations of increased LNG exports.
• Despite near-term warmer temperatures, the outlook of cooler weather ahead is likely to drive up heating demand, leading to the price uptick.
• Analysts are forecasting a potential decline in gas production by 2024, citing reduced drilling activities, which could further bolster prices down the line.

11.10.2024 - GAS Commodity was up 5.1%

• The recent surge in Natural Gas prices was caused by production disruptions in the Gulf of Mexico due to storm Rafael, resulting in significant supply constraints.
• Anticipated cooler weather and heightened heating demand further boosted prices, alongside reduced production levels due to pipeline issues and curtailments in the Gulf of Mexico.
• Despite initial worries about Hurricane Rafael's impact on natural gas operations, its downgrade to a tropical storm while moving through the Gulf allayed concerns of prolonged disruptions, reinforcing the bullish price trend.
• Market sentiment was also impacted by the EIA's report of a higher-than-expected gas storage increase, pointing to robust demand and possible supply challenges in the near term.

29.09.2024 - GAS Commodity was up 14.7%

• The bullish movement in Natural Gas prices today can be attributed to:
• Forecasts for cooler weather and increased heating demand over the next two weeks, driving up prices.
• Rising global gas prices expected to boost U.S. LNG exports, creating a positive outlook for the market.
• Expectations of utilities adding less gas to storage than usual, indicating a tightening supply situation.
• Overall, the market sentiment seems to be bullish due to a combination of weather forecasts and supply-demand dynamics favoring higher prices.

20.10.2024 - GAS Commodity was up 6.0%

• Natural gas prices surged to a 12-month high of 3.16 USD/MMBtu, marking a significant increase in the past month.
• The bullish trend can be attributed to expectations of higher demand due to colder weather forecasts at the end of November, which are set to boost heating demand.
• Additionally, the decrease in production levels and the rise in gas exports to US LNG plants have also contributed to the upward momentum in natural gas prices.
• Overall, the combination of increased demand expectations and a slight decline in production levels has propelled natural gas to reach new highs in the market.

20.10.2024 - GAS Commodity was up 7.3%

• Natural Gas prices surged to a 5-month high of $3.2/MMBtu, driven by colder weather forecasts boosting heating demand.
• The increase in supply of feedgas to U.S. LNG export terminals and robust demand from Mexico contributed to the bullish momentum.
• Production levels slightly decreased, indicating a potential tightening of supply, while export volumes to LNG plants rose, further supporting the price rally.
• Overall, the combination of weather forecasts, supply-demand dynamics, and production trends painted a bullish picture for Natural Gas prices, pushing them to multi-month highs.

20.10.2024 - GAS Commodity was up 5.4%

• Prices of natural gas surged to a 23-week high due to expectations of higher demand driven by colder weather forecasts at the end of November, which will boost heating demand.
• The increase in gas exports to US LNG plants and the slight decrease in production have also contributed to the bullish movement.
• The anticipation of a decline in gas production in 2024, the first drop since the pandemic, as many producers reduced drilling activities due to lower prices, has further supported the upward trend.
• Despite the recent EIA data showing a storage build slightly below expectations, the overall market sentiment remains positive, with forecasts indicating warmer-than-usual conditions in the short term and a potential increase in heating demand towards the end of November.

14.10.2024 - GAS Commodity was down 5.2%

• Natural gas futures fell due to higher-than-expected storage builds, currently 6% above the seasonal norm, leading to concerns about oversupply.
• Warmer-than-usual weather forecasts through late November are dampening heating demand, contributing to the downward pressure on prices.
• Production disruptions from Hurricane Rafael in the Gulf of Mexico have also impacted output levels, adding to the bearish sentiment in the market.
• The combination of increased storage levels, reduced heating demand, and production challenges has created a perfect storm for the bearish movement in Natural Gas prices today.

14.10.2024 - GAS Commodity was down 5.1%

• Natural gas futures fell below $2.9/MMBtu due to higher-than-expected storage builds, with storage levels currently 6% above the seasonal norm.
• Warmer-than-usual weather forecasts through late November are keeping heating demand low, allowing utilities to inject more gas into storage, further pressuring prices.
• Production disruptions in the Gulf of Mexico due to recent events have also contributed to the decline in output, exacerbating the bearish sentiment in the market.
• Despite expectations of increased heating demand later in November, the current market conditions and production challenges are outweighing any potential bullish factors, leading to the bearish movement in natural gas prices.

31.09.2024 - GAS Commodity was down 5.0%

• Natural gas futures saw a significant drop today, moving sharply lower from recent highs.
• The decline is attributed to changing views on supply risks from the Middle East, particularly due to Israel's actions targeting Iran's oil infrastructure and Tehran's decision not to retaliate further, which has eased concerns about supply disruptions.
• Warmer weather forecasts in the US are leading to reduced heating demand, allowing for increased gas storage injections and putting further pressure on prices.
• Maintenance work at LNG facilities in Louisiana, such as Cheniere Energy and Cameron LNG, is projected to limit feedgas supply below peak levels, adding to the overall bearish sentiment in the natural gas market.