The February gas futures continued to surge, adding 1.9% and pushing the contact 10.2%, or 32.4￠ higher in the last three sessions. The contract closed in the low $3.50s per million Btu. Underlying bullish fundamentals supporting the rally include a forecast calling for a February Polar Vortex and a large storage withdrawal is expected Thursday, pulling from an already dwindling level of storage. However, analyst Stephen Schork attributes the prices jump to technical factors like end of contract options settlements, which is this Friday, and very large short position being washed out.
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