US October Gas Hits $3 Milestone

摘要

The US October natural gas contract jumped 3.9% to close above $3 per million Btu for the first time since mid-May 2015. The push was attributed to a mix of fundamentals that has resulted in a string of anemic storage builds since spring. This has nearly eradicated the trillion cubic foot surplus seen in March. Seasonably light builds are expected to be reported this week and for the next few weeks, which would ensure end-October stores closer to 3,800 Bcf than last year's 4,009 Bcf finale. Analysts are expecting a build of about 30 Bcf or more under the 83 Bcf five-year average when the US Energy Information Administration releases storage data Thursday.