September natural gas opened higher Tuesday evening but encountered a level of resistance at yesterday's high. It appears that the market has garnered a level of support from a slight warming trend across the southern US. Additional upside came in the form of bargain-hunting after prices fell below under $4.00 and from oversold technical conditions. The National Hurricane Center has begun tracking a tropical system in the southern Atlantic, which they estimate has a 20% chance of developing into a Tropical Cyclone in coming days. The EIA released their latest 2011 natural gas production figures yesterday, which were up 6.0% from year ago levels and slightly higher than the previous monthly estimate. They also noted a modest increase in consumption but not enough to compensate for the increase in production.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
