Natural Gas Climbs 3.4% After Last Week's 7.7% Drop - The Wall Street Journal
Natural Gas Climbs 3.4% After Last Week’s 7.7% Drop - WSJ
0815 ET – Natural gas prices in the US are rebounding from last week’s 7.7% decline, climbing 3.4% to $2.670/mmBtu as investors bet on more intense, broad-based summer heat to give a much-needed increase to demand. “The weekend data maintained very strong demand July 15-23 as much of the northern US warms into the 80s and 90s, while the southern US remains impressively hot w/highs of 90s and 100s,” says NatGasWeather.com in a research note. Despite the short-term gains, bearish fundamentals persist amid weak demand from a shrinking US manufacturing sector. Last week’s EIA storage report showed a stubborn surplus widen slightly to nearly 15% above the five-year average, and the Baker Hughes natural gas rig-count unexpectedly surged higher. ( dan.molinski@wsj.com)
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