Market Watch

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November gas futures plumbed as low as $5.393 per million Btu early Thursday as bears tried to extend Wednesday's 63.7¢ plunge. But despite a bearish storage report, the recent floor in the $5.60s held, with the contract posting a 0.2¢ gain to $5.677/MMBtu. On Sept. 21-22, when the contract tried and failed to push through significant support in the $4.80s, it set the stage for the recent rally to $6.312/MMBtu. But if bulls manage a strong upswing it will defy domestic fundamentals that are turning more bearish by the day. The 12-month strip gained 0.2¢ to $4.667; the 2022 strip edged down 0.1¢ to $4.39 (Futures contracts).

Topics:
Gas Demand, Gas Inventories, Gas Supply, Gas Prices, Gas Pipelines
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