NYMEX front-month natural gas futures May 31 picked up where they left off before the long holiday weekend by tumbling to start the abbreviated trading week.
At the end of trading, the NYMEX July 2022 gas futures contract lost 58.2 cents to close at $8.145/MMBtu. The downside action in prices stemmed from a bearish June temperature outlook according to one of the alternative weather forecast models, as well as dry gas production that inched higher in recent days, testing the 96 Bcf/d area. While the two major weather forecast models, the Global Forecast System (GFS) and the European (ECMWF) models, continue to show a relatively neutral to slightly bullish outlook for the lower 48 states over the course of June, the Coupled Forecast System model version 2 (CFSv2) is depicting a notably cooler forecast for […]