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Sinopec News.
As of 3:34 pm Eastern Time on Monday, the price of natural gas at Henry Center rose by 4.
The June contract on the New York Mercantile Exchange increased by US$0.
Natural gas prices have seen their biggest daily percentage increase since the early cold spell in Texas, when natural gas prices rose more than 5%.
The main reason for the price increase is the beginning of the summer cooling demand season in the second half of the United States, and it is expected that the weather will be hotter from later this week to next week.
According to data from Bespoke Meteorological Services, the company’s weather forecast on the 15th included 7 days with relatively high temperatures, which was several days hotter than the normal weather in mid-May.
But these warming weather is expected to last only a few days, which may mean that the current price increase is a bit exaggerated.
EIA’s weekly natural gas storage report last week showed that at the end of the week on May 7, the stored working gas was 2,029 billion cubic feet, a net increase of 71 billion cubic feet from the previous week.
This is lower than the five-year (2016-2020) average of 210.
According to EIA data, as of the end of the week on May 7, US natural gas inventories were 378 billion cubic feet, a decrease of 12 billion cubic feet from the same period last year.
Wang Lei excerpted from today's oil prices
The original text is as follows:
Natural Gas Prices Jump On Warmer Weather
The US benchmark natural gas price jumped more than 5% on Monday as power generators are expected to burn more gas to keep air conditioners going that are just now starting to come online in the lower half of the Eastern United States.
As of 3:34 pm ET on Monday, the price of natural gas at Henry Hub was up by 4.
The June Nymex contract was up $.
Natural gas prices saw their biggest daily percentage gain since the Texas Freeze earlier in the day when prices rose more than 5%.
The price hike is largely attributed to the beginnings of summer cooling demand season in the lower half of the United States, with warmer weather expected to arrive later this week and into next week.
According to Bespoke Weather Services, there was enough heat to add 7 gas-weighted degree days to its 15-day forecast, with “several days of hotter-than-normal mid-May weather.
But those warmer temps are only expected to last a couple of days—this could mean the current price rises are a bit exaggerated.
The EIA's weekly natural gas storage report showed last week that working gas in storage was 2,029 billion cubic feet (Bcf) at the end of the week to May 7.
This represents a net increase of 71 Bcf from the previous week.
That's below the five-year (2016-2020) average of 2,101 Bcf.
As per the EIA data, natural gas stocks in the United States at the end of the week to May 7 were 378 Bcf less than last year at this time and 12 Bcf.
