NYMEX natural gas prices back above $3/mmBtu as summer demand picks up
London, (Quantum Commodity Intelligence) – US natural gas prices rallied back above $3 per million British thermal on expectations of warmer weather boosting power demand, while global LNG prices continue to underpin the US export market.
NYMEX natural gas for July delivery settled Monday at $3.027 mmBtu), a gain of over $0.7 mmBtu on the day and two-day gain of more than $0.10//mmBtu.
US natural guess prices have found support from surging LNG values in Europe and Asia in recent weeks, with NYMEX natgas rallying around 20% since the start of April.
The onset of warmer summer temperatures boosts air conditioning demand to cool homes and offices.
Earlier this month, LNG prices in Asia moved above $10/mmBtu as consumer countries build up inventories ahead of the expected summer demand surge.