The front-month natural gas contract for October delivery, which expired today, finishes 4.1% higher on the day at $2.764/mmBtu, marking a fourth straight session of prices increases.
The front-month now shifts to the November delivery contract, which climbed 1.9% today to finish at $2.899/mmBtu, meaning the market will begin tomorrow’s trading session from an elevated position. Today’s price-gains were driven mostly by broader gains in energy markets as US oil futures finished today at a 13-month-high of nearly $94 a barrel. But gas-market fundamentals have also improved lately, with below-average storage injections seen in each of the past 11 weeks of EIA data, helped by a sizzling-hot summer in Texas that boosted cooling demand.
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.
