Natural gas futures closed lower after a turbulent trading session, as market participants braced for the upcoming weekly inventory data from the EIA. Analysts surveyed by the Wall Street Journal project an 82 Bcf storage injection for the previous week, a move that would widen the existing surplus over the five-year average to 160 Bcf. On the Nymex exchange, natural gas prices settled down 2.9% to $3.145/mmBtu.
In section Market Quotes
Utilities Slide as Oil Markets Anticipate Middle East Deal
A potential breakthrough in Middle East oil supply negotiations has triggered a broad retreat in utility stocks. Investors are balancing these geopolitical signals against Federal Reserve warnings of impending interest rate hikes, creating a volatile environment for energy-dependent sectors and raising concerns over future consumer spending power.
Weather patterns also weighed on sentiment, with Tropical Storm Arthur moving toward the Louisiana coast. While the storm is predicted to weaken quickly, traders are monitoring its path alongside the broader energy supply outlook. The combination of shifting inventory levels and the first named storm of the Atlantic season has kept the market in a defensive posture.
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