OTCPK:GULTU - Post by User
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CarrFlournoyon Sep 28, 2021 9:27pm
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Natural Gas reason to own it demand may increase
Natural Gas reason to own it demand may increase
Natural Gas Futures Market News and Commentary
Natural Gas Continues to Rally on Supply Concerns Barchart - Tue Sep 28, 2:34PM CDT October Nymex natural gas (NGV21) on Tuesday closed up +0.135 (+2.37%).
Oct nat-gas prices on Tuesday extended Monday's sharp gains and posted a fresh 7-1/2 year nearest-futures high. Fears of a supply crunch in nat-gas this winter are pushing prices higher. The March versus April nat-gas spread on Tuesday soared to $1.45, the highest for this time of year in 16 years. The March-April spread is known as the widowmaker and is a bet on how tight nat-gas supplies will be at the end of winter. As of Sep 17, U.S. nat-gas inventories were down -16.3% y/y and -6.9% below their 5-year average. Also, some U.S. Gulf offshore rigs could remain offline for months due to damage from Hurricane Ida. As of last Thursday afternoon, 24.3% of U.S Gulf nat-gas production was still shut down from Hurricane Ida.
Nat-gas demand may increase from electricity providers to power increased air conditioning usage after NOAA on Tuesday forecast warmer-than-normal temperatures across most of... Read more