Nat gas futures edged up 1.2% in early trading today, supported by colder-than-expected weather forecasts in the Midwest. Traders are eyeing a potential breakout above $2.80/MMBtu if storage withdrawals accelerate next week. Market sentiment remains cautiously bullish as LNG demand strengthens. At the same time, the OPEC cartel has approved multiple production rate increases as Saudi Arabia looks to take market share away from the US. Most recently, the cartel announced in September that its member countries will be boosting production by 137,000 barrels per day in October. Believing that transparent markets empower businesses, economies, and communities, Natural Gas Intelligence (NGI) provides natural gas price transparency and key news, insights, and data for the North American energy markets. With Asian LNG benchmark prices climbing, nat gas futures gained 1.1% Wednesday, settling at $2.78/MMBtu. Supply-side constraints from Arctic blast disruptions enhanced market optimism. RSI levels suggest futures still have room for a short-term rally before overbought conditions set in.
