Natural gas futures snap a five-session losing streak on prospects for colder weather ahead with the December contract settling up 5.4% at $3.197/mmBtu. Forecasts for colder weather moving in to the northern and western US prompted some short-covering early in the session, but with US and European storage levels well supplied and US production near record highs, “there is plenty of supply to counteract,” says Dennis Kissler at BOK Financial in a note. December natural gas remains technically bearish, he adds.
Natural gas futures found fresh footing Monday for the first time in six sessions, supported by a cold shift in late November forecasts, while bears eyed next opportunities with supply still ample and another potential disruption at the Freeport LNG facility in Texas.
Diversified Energy Company plc (LON:DEC), formerly Diversified Gas & Oil plc, is a gas and oil production company operating in the Appalachian Basin in the United States.
