US September Gas Sees Seasonal Surge From Strong Cooling Loads

摘要

The US September gas contract dipped into the upper $2.70s Friday, but still ended the week with a hefty 3% gain. Last week's advance was mostly pegged to strong cooling loads that emerged with a coast-to-coast heat wave late last month. However, by last week cooler conditions began encroaching on the US upper-tier markets and moderating forecasts began to take the starch out of the rally. Even the most bullish storage report in months, which came in 25% below analysts' expectations, only resulted in a 1.5^ gain on Thursday. And that gain was erased on Friday.