Natural gas futures forged ahead Wednesday, ending a three-day retreat despite weak weather-driven demand, steady production and expectations for a triple-digit storage increase.
At A Glance:
- Prompt month gains 7.7 cents
- Market sees 100 Bcf injection
- National demand proves light
The June Nymex gas futures contract on Wednesday gained 7.7 cents day/day and closed at $2.398/MMBtu. July also rose by 7.7 cents and settled at $2.566.
NGI’s Spot Gas National Avg. shed 2.0 cents to $2.000.
Marex North America LLC’s Steve Blair, senior account executive, chalked up Wednesday’s futures rebound to technical factors and bargain buying.
However, “with the fundamentals being on the bearish side of the coin, I would be hard-pressed to expect any substantial rally or a...