OTCPK:GULTU - Post Discussion
Post by
CarrFlournoy on Sep 28, 2021 9:27pm
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
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