Gas Futures Hold Below $3,Look Beyond Cash Market Surge

摘要

Futures traders shrugged in the face of record gas demand and cash prices jumping above $200 per million Btu in some markets,again holding the March Nymex contract last week under $3/MMBtu as they seemingly focus on longer-term fundamentals(p1). Trading for March entered the long holiday weekend peaking at $2.985/MMBtu and settled at $2，912 on Friday. That is up 4.4c on the day and 4.9￠,or 1.7%,for the week,even as Henry Hub cash prices steadied Friday just under $6/MMBtu,a level not seen since the fabled 2013-14 polar vortex that kept spot markets aloft for more than six months. The prompt month contract last week only breached $3 resistance in intraday trading on Thursday-rising to $3，045-but closed at $2.868/MMBtu.