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Natural Gas Futures Continue Lower Early Amid Lack of Heat - Natural Gas Intelligence

Natural Gas Intelligence · last updated

Natural Gas Futures Continue Lower Early Amid Lack of Heat - Natural Gas Intelligence

Natural gas futures extended their losses early Tuesday as traders mulled a less-than-inspiring cooling demand outlook and as momentum from last week’s supportive inventory data continued to fade into the rearview.

Coming off an 18.5-cent swoon in the previous session, the June Nymex contract was off another 4.2 cents to $2.358/MMBtu at around 8:35 a.m. ET. July was down 3.1 cents to $2.520.

Monday’s plunge reflected a reversal of the “short-covering rally” prompted by last week’s bullish Energy Information Administration storage report, EBW Analytics Group analyst Eli Rubin said.

“The front month may probe lower to retest support near the 20-day moving average at $2.32 in coming sessions,” Rubin said.

The market faces bearish fundamental headwinds, with...

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