The see-saw continues as the market weighs the sizable storage deficit against record level production. The November gas contract fell 1.4% Wednesday to close in the mid-$3-teens per million Btu following Tuesday's 2.4% move higher. "The front’s resistance below $3.25 early this week demonstrates the drag that returning production growth has placed on the market," Gelber & Associates analyst Daniel Myers said. "Additionally, although weather forecasts retain a bullish tinge, a lesser degree of cold (compared to normal) expected in the East by early November is easing the pressure that sent prices into the $3.30s only a week ago."
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