Natural gas futures rise as participants look beyond an expected bearish storage report to prospects of demand picking up. Natural gas rises 3.9% to $2.668/mmBtu, the highest settlement since the start of December.
“We are seeing bulls push the market on weather outlooks shifting cooler for the middle of January,” says Gary Cunningham, director of market research at Tradition Energy. “The storms moving into the eastern markets this weekend could provide a good boost to gas demand and will be a test of PJM power markets as well,” he adds.
PJM coordinates electricity in large parts of the northeastern U.S.On Thursday, the EIA is expected to report a small 44-Bcf draw on storage for the week ended Dec. 29.
Touchstone Exploration Inc (LON:TXP) is a Canadian-based, international upstream oil and gas company currently active in the Republic of Trinidad and Tobago. Primera Oil and Gas is the Trinidadian subsidiary of Touchstone.
