Financial Wire

Natural Gas Edges Higher, But Remains Near an 18-Month Low on Light Spring Demand

-- Natural gas edged higher early Thursday ahead of fresh storage data, but remains near 18-month lows on light spring demand.

Gas for May delivery was last seen up $0.01 to US$2,62 per million British thermal units after touching the lowest since August, 2024, earlier this week.

Long-term forecasts from the National Weather Service see most states with seasonal or warmer temperatures over its six to 10 day outlook, limiting cooling and heating demand, while supply remains robust. "US natural gas production hit a new two-week low this week, falling to 102.6 Bcf/d and down 5 Bcf/d from Friday. Despite this pullback, production is still up 4.4% y/y, reflecting a loose balance, which itself led prices to their current, weaker, levels," Christopher Louney, a natural gas and gold strategist at RBC Capital Markets, wrote.

The Energy Information Administration will release its weekly look at inventories of the fuel later on Wednesday morning. Celsius Energy is expecting the agency to report stocks rose by 55-billion cubic feet last week, the second-largest rise for the week over the past five years.

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