Weather forecasts indicate that demand for natural gas will stay strong in the next seven days. However, hot weather does not provide support to prices due to rising production and problems at Freeport LNG terminal, which remains shut after Hurricane Beryl’s landfall.
Not surprisingly, natural gas prices remained under pressure after the release of the EIA report. High inventory levels have put significant pressure on natural gas prices in recent weeks.
Unfortunately for the bulls, hot weather does not provide sufficient support to the market as inventories are rising faster than analysts expect.
High production levels and problems with Freeport LNG terminal serve as negative catalysts for natural gas markets.
At this point, natural gas needs significant positive…
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