Today was an unexpectedly dramatic day for the NYMEX, as we continue to see the same Bearish activity, only 329.41% more extreme! The NYMEX opened at $2.954 US/MM, and closed at a staggering $2.808 US/MM, as we see the NYMEX drop by a margin of ~$0.146 US/MM. Production has been surging, as month-to-date, production averaged 108.1 Bcf/d, up 2.8 Bcf/d since July 1, and the same can be said for LNG exports as they are up 2 Bcf/d since July 1. As of late, in the supply and demand balance, the supply side is working to depress near-dated natural gas futures thus blowing demand out of proportion and thus echoing the bearish sentiment that we can see in the NYMEX.

In a more local perspective, the heatwave has been plaguing the Northeast – and especially us in Toronto – is set to peak this weekend, so expect any prices inflated in the interim to adjust later on. (AA)