Natural Gas remained highly volatile in May, starting the month trading above $2/MMBtu for the first time since mid-March, but losing some momentum to around $1.8/MMBtu. The International Energy Agency said that global natural gas demand is on track to drop by a record 5% in 2020 due to the economic impacts of the coronavirus. Still, a recent dramatic plunge in crude prices forced US shale producers to shut down production, while a levelling of demand due to an easing of lockdowns and restrictions pushed prices higher.
Historically, Natural gas reached an all time high of 15.78 in December of 2005. Natural gas - data, forecasts, historical chart - was last updated on May of 2020.
Natural gas is expected to trade at 1.71 USD/MMBtu by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1.43 in 12 months time.