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MTECHTIPS:-Natural gas futures – weekly outlook: March 14 – 18

Monday, March 14, 2016 0:45
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MTECHTIPS:-Natural gas futures – weekly outlook: March 14 – 18

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U.S. natural gas futures extended a rebound off 17-year lows on Friday, rising for the sixth straight session as traders continued to close out bets on lower prices after futures held above key support levels. On the New York Mercantile Exchange, natural gas for delivery in April jumped 3.4 cents, or 1.9%, on Friday to close the week at $1.822 per million British thermal units after hitting an intraday peak of $1.859, the most since February 19. For the week, natural gas futures rallied 19.4 cents, or 9.36%, halting a five-week losing streak, amid the view that futures have been low enough for long enough. Natural gas prices are up nearly 12% since falling to $1.611 on March 4, a level not seen since August 1998, as a failure to break below $1.610 prompted market players to cover short positions amid bullish chart signals. Futures received additional support as forecasts showed a return to normal weather in the eastern U.S. later this month after a warm spell. The heating season from November through March is the peak demand period for U.S. gas consumption. However, a warmer-than-normal winter due to the El Niño weather pattern has limited the amount of heating days and reduced demand for the fuel. Meanwhile, indication of reduced drilling activity was also considered bullish for prices. Baker Hughes said late Friday that the number of rigs drilling for natural gas in the U.S. decreased by three last week to 94, the lowest level since at least 1987

 

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