September natural gas prices continued their descent lower in early morning trade, following yesterday's technical breakdown below congestion. Some traders noted that weather forecasts calling for moderating Northeast and Midwest temperatures were a factor seen reducing air-conditioning demand for natural gas. Some traders indicated that more than ample natural gas production in the US was another negative hanging over the market. However, with September natural gas prices approaching $3.90, it is possible that lower prices may begin to alter production profitability. The National Hurricane Center is tracking a low pressure system in the Caribbean that has a 30% of becoming a Tropical Cyclone in the coming days.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.