GAZB - Natural gas tops $3 for first time since early 2019
Natural gas futures (NG1:COM) closed +3.8% to its highest settlement since January 2019 as forecasts continue to predict colder weather while liquefied natural gas feedgas flows tick higher.The latest 6-10 day forecast is slightly colder compared to yesterday, with New England and the Tri-State area now seen below-seasonal from prior seasonal or above-seasonal.Gas production month-to-date is averaging 86.2 Bcf/day, according to Refinitiv data, the lowest since September 2018, while m-t-d LNG feedgas flows average 7B cf/day, the best since April.Refinitiv has demand next week rising to an average 97.7 Bcf/day from 90B cf/day this week.Weekly storage data from the EIA comes tomorrow, with consensus at +52B cf, 23B cf below the five-year average.ETFs: [[UNG]], [[UGAZF]], [[DGAZ]], [[BOIL]], [[FCG]], [[KOLD]], [[UNL]], [[GAZ]], [[GAZB]]
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Natural gas tops $3 for first time since early 2019