US natural gas futures surprised to the upside, rising more than 5.6 Tuesday in a move that seemingly deoes market realities. The November gas contract shot up 36.7￠ to $6.837 per million Btu on Oct. 4, regaining much of the previous three sessions' 48.5￠ loss. But the dynamics behind the move aren’t clear, with one analyst calling it a"temporary relief rally” spurred by a technically oversold market. “It has to move a little higher in order to go lower, ” he told Energy Intelligence, predicting Henry Hub futures could soon be well below $6/MMBtu in line with the cash market.
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