March Gas Soars 18% in Two-Day Rally

摘要

The US March natural gas contract soared 10.8% Wednesday to close at $6.149/MMBtu, a four-year high for a prompt month. A twosession rally has added 93.5￠, or 17.9%, to March futures ahead of next week's expiration. If March can hang on to a $6 handle, it would be the highest contract settlement in five years (OD Feb.19'14). The furious rally is being driven by technical short covering, as well as growing anxiety over this winter's record storage plunge, which will be punctuated on Thursday by another outsized delivery.