Market Watch

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The November gas futures contract shot up 32¢ Wednesday as it rolled off the board at $6.202 per million Btu, the highest prompt month expiration since the November 2008 contract expired at $6.68/MMBtu 13 years ago. Traders have apparently shrugged off bearish concerns for now, including the certainly of having ample storage gas to meet winter heating demand. So, unless the market can be re-tethered to bearish fundamental trends, the winter strip should remain firmly in a $6-$7 range. The November contract saw a net surge of 92.2¢ since Oct. 25; the Nymex three-day average is $5.994. December futures were up 19.5¢ to close at $6.198/MMBtu. The 12-month strip rose 10.4¢ to $4.986; the 2022 calendar strip was up 6.6¢ to $4.678 (Futures contracts).

Gas Demand, Gas Inventories, Gas Supply, Gas Prices, Gas Pipelines
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