NYMEX June gas drops 5 cents, demand expected to fall as temperatures rise over coming weeks

摘要

The NYMEX front-month natural gas contract fell in trading Thursday as the Texas Eastern pipeline explosion had little effect on US gas supply, in addition to total US gas demand forecast to fall over the coming weeks. The June contract dropped 5 cents to settle to $1.894/MMBtu, trading in a range of $1.886-$1.989/MMBtu. “The pipeline issues with the TETCO explosion and force majeure have now been assessed to not be that significant of a supply impact, and today even though this pulse of cold air is set to come in, it’s one of those classic examples of buy the rumor and sell the fact,” said David Thompson, executive vice president at PowerHouse Brokerage. “Now that cooler weather is arriving, the run-up is beginning to evaporate a bit.”