U.S. Natural Gas Futures Post Solid Gains
U.S. Natural Gas Futures Post Solid Gains
U.S. natural gas futures added to the previous session's gains as the July contract debuted at the front of the curve. The EIA reported a 92 Bcf net storage injection for last week, which reduced the surplus over the five-year average to 144 Bcf from 149 Bcf.
The inventory build was smaller than the 97 Bcf average and the 96 Bcf estimate in a WSJ survey of analysts. "The market's strong response to a seemingly small miss attests to a sensitivity to even minor supportive headlines," Ritterbusch & Associates said in a note. Price moves are accentuated by bullish trader positioning, the firm added.
Nymex gas for July delivery settled up 6.1% at $3.285/mmBtu.
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