August Nymex futures rose 6.3c to $1.734/MMBtu Thursday following a smaller than expected storage build and capping a 12.3% or 19c week-long rally.

摘要

The smaller build was attributed to fuel switching for power demand, which is helping to absorb the stranded gas from the LNG sector. The prompt month traded in a $1.672-$1.738 range. “After today’s storage report, the heat expected to ramp up in early July will pull coming injections further downward,” Gelber & Associates analyst Daniel Myers said. “There will be some lost cooling demand from the long Fourth of July weekend that will leave more gas to be injected on a temperature-adjusted basis and may not be realized until the reporting weeks for July 3rd and July 10th.”