Natural Gas ($GAS) Commodity Forecast: Up 6.1% Today

What is Natural Gas?

Natural Gas, a key commodity used for heating and electricity generation, experienced a bullish market movement today. The price of natural gas surged to a 1-year high, driven by various factors impacting global demand and supply dynamics.

Why is Natural Gas going up?

GAS commodity is up 6.1% on Dec 20, 2024 10:38

• Natural gas prices surged to a 1-year high due to expectations of increased global LNG demand and strong domestic consumption supported by forecasts of colder weather in the US and decreased chances of Europe receiving Russian gas.
• Expectations of a withdrawal season, along with significant withdrawals of natural gas from storage by utilities, further pushed prices up.
• President-elect Trump's commitment to issue more LNG export permits and the projected record-breaking domestic natural gas consumption in 2024 contributed to the positive market sentiment.
• The market movement reflects a mix of geopolitical uncertainties, weather forecasts, and policy decisions, underscoring the intricate balance of supply, demand, and external factors impacting the natural gas market.

GAS Price Chart

GAS Technical Analysis

GAS News

Natural Gas Extends Rally to 1-Year High

US natural gas futures rose further to over $3.65 per MMBtu on Friday, the highest in over one year, as bets of stronger global LNG demand magnified the outlook of higher domestic consumption. Fresh forecasts of a cold front in the US halfway through January drove the industry to raise demand forecasts by 18 billion cubic feet into the weekend. This coincided with data from the EIA showing that gas storages fell by over 100bcf for the second straight week, deepening the anticipated start to the withdrawal season. In turn, the decreasing likelihood that Europe will continue to receive Russian gas through Ukraine drove investors to take long LNG positions as EU members search for alternative gas sources. This raises demand for US LNG at the turn of the US presidency, with President-elect Trump pledging to issue more LNG export permits, driving firms to favor more profitable exports instead of cheaper gas sales domestically due to the ample domestic supply.

Natural gas Hits 13-month High

Natural gas increased to a 13-month high of 3.59 USD/MMBtu. Over the past 4 weeks, Natural gas gained 12.47%, and in the last 12 months, it increased 62.64%.

Natural gas Hits 4-week High

Natural gas increased to a 4-week high of 3.57 USD/MMBtu. Over the past 4 weeks, Natural gas gained 11.28%, and in the last 12 months, it increased 60.92%.

Natural Gas Rises to 1-Year High

US natural gas futures extended their recent rise to $3.5 per MMBtu on Thursday, the highest in over one year, as bets of stronger global LNG demand magnified robust domestic consumption. Data from the EIA showed that utilities withdrew more than 100 billion cubic feet of natural gas from storage for a second straight week, extending an anticipated withdrawal season. Also, uncertainty on whether Europe will continue to receive Russian gas through Ukraine drove investors to take long LNG positions as EU members search for alternative gas sources. This raises demand for US LNG at the turn of the US presidency, with President-elect Trump pledging to issue more LNG export permits, driving firms to favor more profitable exports instead of cheaper gas sales domestically due to the ample domestic supply. In the meantime, another report from the EIA showed that domestic natural gas consumption is set to break a new record in 2024, largely due to higher demand from the electric power sector.

Natural Gas Rises Toward 1-Year High

US natural gas futures rose to above $3.4 per MMBtu on Thursday, approaching the one-year high of $3.5 tested in December as bets of stronger global LNG demand magnified robust domestic consumption. Uncertainty on whether Europe will continue to receive Russian gas flows through Ukraine drove investors to take long LNG positions as EU members search for alternative gas sources. This raises demand for US LNG at the turn of the US presidency, with President-elect Trump stating that his administration is against holding back on LNG export permits, driving firms to favor more profitable exports instead of cheaper gas sales domestically due to the ample supply in the US. In the meantime, new data from the EIA showed that domestic natural gas consumption is set to break a new record in 2024, largely due to higher demand from the electric power sector. Investors now await weekly storage data from the EIA, set to show an extension to the anticipated drawing season that started last month.

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Natural Gas Price History

05.11.2024 - GAS Commodity was up 5.0%

• Natural gas prices experienced a strong bullish movement today, rebounding from recent lows, driven by increased feedgas volumes to LNG export plants and higher demand expectations.
• The rise in prices was also supported by colder-than-normal weather forecasts, which could potentially boost heating demand and reduce pressure on utilities to draw heavily from storage.
• Analysts predict a positive outlook for natural gas prices in 2025, as LNG export demand is expected to rise, despite ongoing concerns about oversupply risks and production discipline among producers.
• The market movement today reflects a combination of short-term weather forecasts and long-term market fundamentals, highlighting the volatility and sensitivity of natural gas prices to various factors.

18.11.2024 - GAS Commodity was up 5.4%

• Strong global LNG demand expectations and uncertainty in European gas supply bolstered natural gas futures.
• President Trump's endorsement of US LNG exports and prospects of an inventory-drawing season contributed to the price hike.
• Despite heightened production and mild weather forecasts, the market remained positive about increased demand and export activities, thereby lifting prices.
• Investors are closely monitoring geopolitical events and supply-demand dynamics to seize potential opportunities in the natural gas sector, as indicated by the market's reaction.

18.11.2024 - GAS Commodity was up 5.3%

• Natural gas prices surged by over 4% due to forecasts of stronger demand and rising flows to LNG export plants, driven by cold weather and high export activity.
• Despite ample supply and mild weather forecasts, the price increase occurred as utilities withdrew more gas from storage to meet heating needs during cold weather, indicating a temporary spike in demand.
• Reports of alternative natural gas supply in Europe and warmer-than-normal US weather forecasts contributed to a pullback from a 13-month high, leading to a 5% drop in prices.
• The increase in gas output and expectations of higher winter demand and LNG exports led to a slight retreat from the 13-month high, with producers ramping up output in anticipation of stronger market conditions.

20.11.2024 - GAS Commodity was up 6.1%

• Natural gas prices surged to a 1-year high due to expectations of increased global LNG demand and strong domestic consumption supported by forecasts of colder weather in the US and decreased chances of Europe receiving Russian gas.
• Expectations of a withdrawal season, along with significant withdrawals of natural gas from storage by utilities, further pushed prices up.
• President-elect Trump's commitment to issue more LNG export permits and the projected record-breaking domestic natural gas consumption in 2024 contributed to the positive market sentiment.
• The market movement reflects a mix of geopolitical uncertainties, weather forecasts, and policy decisions, underscoring the intricate balance of supply, demand, and external factors impacting the natural gas market.

13.11.2024 - GAS Commodity was down 5.2%

• Natural gas futures dropped due to forecasts of mild weather and rising gas supplies, leading to a decrease in demand and lower prices.
• Despite the decline, LNG export activity continues to rise, indicating a strong global demand for natural gas.
• The increase in gas output and warmer-than-normal weather forecasts contributed to the bearish movement in the market.
• Analysts suggest that the winter gas price peaks may have already passed, leading to a decrease in speculative buying and a bearish sentiment in the market.

13.11.2024 - GAS Commodity was down 5.1%

• Natural gas prices experienced a bearish movement today due to increased supply, warmer weather forecasts across the US, and higher feedgas volumes to LNG export plants.
• Increased supply of natural gas as producers ramp up output in anticipation of stronger winter demand and higher exports from LNG plants.
• Warmer-than-normal weather forecasts across the US reducing heating demand.
• Higher feedgas volumes to LNG export plants contributing to the oversupply.
• Despite the bearish movement, the market remains dynamic with fluctuations driven by changing weather patterns, production levels, and export demands.

12.11.2024 - GAS Commodity was up 5.3%

• Natural gas prices surged above $3.4/MMBtu, hitting a two-week high, driven by a larger-than-expected storage draw, indicating robust demand.
• Despite forecasts of warmer weather, the increase in gas flows to LNG export plants and higher projected demand supported the price rally.
• The market rebounded by over 5% as demand is expected to remain strong, with higher feedgas volumes to LNG export plants and increased production contributing to the price recovery.
• Conversely, prices fell towards a two-week low as a smaller-than-expected storage drawdown and forecasts of warmer weather dampened demand, leading to a decrease in prices by over 8% for the week.

11.11.2024 - GAS Commodity was up 7.7%

• Natural gas futures surged above $3.25/MMBtu, reaching a high in over a week, driven by forecasts of colder weather and higher heating demand.
• Increased flow of natural gas to LNG export plants and higher production levels contributed to the price support.
• Despite warmer weather forecasts, the market remains optimistic about demand due to rising export volumes and expectations of further production increases in 2025.
• The market rebounded from recent lows as higher feedgas volumes to LNG export plants and shifting weather conditions influenced trading sentiment, showcasing the volatility inherent in natural gas pricing.

11.11.2024 - GAS Commodity was up 5.0%

• The bullish movement in Natural Gas prices today can be attributed to higher feedgas volumes flowing to LNG export plants, indicating strong export demand.
• The warmer-than-normal weather forecasts for the upcoming period may have reduced heating demand, but this impact could be offset by the increased demand for LNG exports.
• Despite the smaller-than-expected storage drawdown reported, the market sentiment seems positive due to the anticipated production growth in 2025 driven by recovering prices and strong export demand.
• The overall market movement reflects a delicate balance between supply dynamics, weather forecasts, and export demand, ultimately leading to the bullish trend in Natural Gas prices today.

19.11.2024 - GAS Commodity was up 5.3%

• Natural Gas prices surged to a 1-year high of $3.5 per MMBtu due to:
• Strong global LNG demand and robust domestic consumption.
• Uncertainty over Russian gas flows to Europe, leading to increased US LNG demand.
• Anticipation of record-breaking domestic natural gas consumption in 2024.
• President-elect Trump's support for issuing more LNG export permits favored profitable exports over domestic sales.
• Cold weather and strong export demand also contributed to the bullish movement in natural gas prices.
• The market is eagerly awaiting the EIA's weekly storage data to confirm the ongoing inventory-drawing season, further supporting the upward trend in prices.

19.11.2024 - GAS Commodity was up 6.4%

• Natural gas prices surged to a 13-month high, driven by robust domestic consumption and bets of stronger global LNG demand.
• Uncertainty surrounding Russian gas flows to Europe through Ukraine led investors to take long LNG positions, boosting demand for US LNG.
• Anticipation of a record-breaking domestic natural gas consumption in 2024, particularly from the electric power sector, further supported the bullish trend.
• President-elect Trump's stance on issuing more LNG export permits also influenced market sentiment, as firms favored more profitable exports over cheaper domestic sales due to ample supply in the US.
• The upcoming EIA weekly storage data is eagerly awaited by investors, expected to confirm the continuation of the anticipated inventory-drawing season that started last month.

17.11.2024 - GAS Commodity was up 5.2%

• Natural Gas prices surged due to European countries securing LNG deals with Middle Eastern producers, reducing demand for US LNG exports.
• Mild weather forecasts and rising gas supplies in the US contributed to the decline in prices, despite the recent 7% weekly gain.
• The larger-than-expected storage draw reported by the EIA drove prices to their highest level in over two weeks, although warmer-than-normal weather predictions could temper heating demand.
• Forecasts of colder weather and higher heating demand, along with increased flows to LNG export plants, pushed prices to over a week high, with analysts anticipating further production increases in the future.