June natural gas futures rose Wednesday as analysts observed that the market was holding at current prices reasonably well in spite of predictions of abundant supply. At the closing bell June had gained 1.6 cents to $4.198 and July was up 2 cents to $4.266. June crude oil soared $3.19 to $100.10/bbl.
Hanover
Articles from Hanover
Futures Shoot Higher as Forecast Gets Colder
If at first you don’t succeed, try, try again; that might as well have been the motto of natural gas futures bulls as their third consecutive attempt for a January settle north of resistance at $4.500 proved successful on Wednesday. The prompt-month contract recorded a high of $4.614 before closing the day’s regular session at $4.606, up 21.3 cents from Tuesday’s finish.
Transportation Notes
Due to an unforeseen pipe replacement, Algonquin GasTransmission will be working on the 30″ mainline pipe on thesuction side of the Hanover Compressor Station. Work is scheduledto begin Wednesday and continue through Wednesday, Nov. 10.Additional station work will take place during the outage.Algonquin said it does not expect any capacity restrictions at thistime. Updates will be posted to the company’s bulletin board.