Natural Gas fell on bearish EIA data and cooler forecasts
October natural gas tumbled on August 18 after the EIA reported a larger-than-expected 90 bcf storage build, pushing inventories more than 200 bcf above the five-year average. XNGUSD remains under pressure from core fundamentals including supply-demand balances, weather trends, geopolitics, macro conditions, and competing fuel prices.
Further downside came as forecasts showed fewer cooling degree days over the next two weeks. Analysts warned the market is running out of time for late-summer heat to tighten balances, with October often bringing cooling demand offset by weaker heating needs.
Losses accelerated on August 18 as late-September forecasts turned cooler, reducing air-conditioning demand. Meanwhile, near-record U.S. output and elevated rig activity continue to weigh on prices.
October natural gas tumbled on August 18 after the EIA reported a larger-than-expected 90 bcf storage build, pushing inventories more than 200 bcf above the five-year average. XNGUSD remains under pressure from core fundamentals including supply-demand balances, weather trends, geopolitics, macro conditions, and competing fuel prices.
Further downside came as forecasts showed fewer cooling degree days over the next two weeks. Analysts warned the market is running out of time for late-summer heat to tighten balances, with October often bringing cooling demand offset by weaker heating needs.
Losses accelerated on August 18 as late-September forecasts turned cooler, reducing air-conditioning demand. Meanwhile, near-record U.S. output and elevated rig activity continue to weigh on prices.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.