Has Natural Gas Finally Hit a Floor ?
By Kristina Zurla Landgraf • Sep 11th, 2009 • Category: Broker Commentary, Market UpdatesNatural gas has been one of the poorest performing commodities this year, trading at 7 1/2-year lows and disconnecting from crude oil, which has been on the rise this year. Finally the market has shown a sign of life. Whether it’s profit-taking or the start of a new trend remains to be seen, but natural gas futures rose 15 percent on Thursday. The October NYMEX natural gas contract settled 42.7 cents higher at $3.256 per million British thermal units.
Weekly U.S. inventory data from the Energy Information Administration slightly eased concerns about the possibility of a storage glut heading into the winter heating season, but supplies in storage still remain 17 percent higher than at this time last year.
Toronto-based Lind Plus Senior Market Strategist Aaron Fennell shared his thoughts on the natural gas market with BNN Canada. View the video clip here: http://watch.bnn.ca/#clip212298
