A revised hot weather forecast for the second week of August and an increase in LNG feedgas demand sent September natural gas futures soaring 30.2￠ to a close at $2.101 per million Btu

摘要

A prompt month contract hasn't sported a $2 handle in three months and only twice since late January. A slight drop in production also aided the price jump. However, the 16.6% move could better reflect a pent-up bullishness as speculators pile on their largest long position since November 2018, and the winter 2020-21 and calendar 2021 strips reflect a widely held conviction that gas prices will see a strong rise as the market tightens over the winter and into next year. If so, the rally could be premature and more technical in nature. Without strong fundamental support prices could fall back rapidly.