Natural gas prices surge 5.9% to $2.942/mmBtu and are in position to potentially close at their highest level since March 3, the last time the front-month contract finished above $3. "Strength appears to be driven largely by a further extension of hot temperature forecasts well into the 3rd week of this month as well as by a broadening of hot temps across a larger portion of the US than had been expected at the start of this week," says Ritterbusch & Associates in a note. "As the heat continues with the associated warming of water temperatures across the Atlantic heightening concerns over hurricane activity, the speculative shorts appear to be scrambling to cover positions."
>>1
Natural Gas Climbs 5.9%, Nearing a 22-Week High
Natural gas prices surge 5.9% to $2.942/mmBtu and are in position to potentially close at their highest level since March 3, the last time the front-month contract finished above $3. "Strength appears to be driven largely by a further extension of hot temperature forecasts well into the 3rd week of this month as well as by a broadening of hot temps across a larger portion of the US than had been expected at the start of this week," says Ritterbusch & Associates in a note. "As the heat continues with the associated warming of water temperatures across the Atlantic heightening concerns over hurricane activity, the speculative shorts appear to be scrambling to cover positions."