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Following a string of losses in recent sessions, natural gas futures inched higher early Tuesday as cooler-trending forecasts lent support.
The November Nymex contract was up 1.7 cents to $3.126/MMBtu at around 8:41 a.m. ET.
Heading into Tuesday’s session, the November contract finds itself in a multi-day slump, including a 12.7-cent slide to open the work week.
Gelber & Associates analysts had been looking for “downside movement” after futures rallied into the $3.40s earlier this month. The firm viewed “the market that week as overextended due to the rally being primarily technical rather than fundamental.”
Looking ahead, it’s possible prices could see further downside due to other factors, the Gelber team said.
However, “the factors pertinent to our...
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Natural gas futures found fresh footing early Wednesday, rising 8.0 cents in morning trading, but prices ultimately slumped and the prompt month extended a losing streak to six sessions. Weather forecasts showed more demand in coming weeks and LNG feed gas volumes held strong, but abundant supplies countered. At A Glance: Analysts see moderate injection…
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