November Natural Gas Futures Jump as Winter Jolts Eastern US

摘要

US November natural gas futures rebounded late last week posting a three-session gain of 18,$ or 5.2%, after falling 17.40, or 4.8%, on Monday and Tuesday. Friday's trading set two new high marks for the year in the low to mid-$3.60s, where the contract is butting up against strong resistance. "It looks like the bulls have hit a wall; expect the contract to fall back to its comfortable range between $3.30 and $3.60 at least until Halloween," said Gelber & Associates analyst Aaron Calder. Nonetheless, those market bulls finally have something solid to be bulled up about. Forecasts are promising the first true winter weather of the season in the eastern US, Calder noted, with freezing temperatures dipping as far south as northern Georgia "representing significant heating demand and the unofficial start of winter."