Nat Gas Rises for Third Session as Chilly Weather Engulfs U.S.
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Not all commodities are on the outs today.
Due to chillier weather hitting much of the U.S., nat gas futures are seeing a welcome bounce as consumers crank up the heat. Henry Hub May contracts, the most actively traded, are up $0.092 to $4.231 per mmBtu on the Comex.
This is the third-straight session of gains for the commodity, pushing prices to the highest levels seen in 20 months.
Data from the EIA on Thursday pointed to a weekly draw of 14 billion cubic feet to inventories of 1.673 trillion cubic feet. Inventories are about 32 percent below last year's level and 4 percent below the trailing five-year average.
Higher on the session is United States Natural Gas (NYSE: UNG) as well as iPath DJ-UBS Natural Gas TR Sub-Idx ETN (NYSE: GAZ).
Due to chillier weather hitting much of the U.S., nat gas futures are seeing a welcome bounce as consumers crank up the heat. Henry Hub May contracts, the most actively traded, are up $0.092 to $4.231 per mmBtu on the Comex.
This is the third-straight session of gains for the commodity, pushing prices to the highest levels seen in 20 months.
Data from the EIA on Thursday pointed to a weekly draw of 14 billion cubic feet to inventories of 1.673 trillion cubic feet. Inventories are about 32 percent below last year's level and 4 percent below the trailing five-year average.
Higher on the session is United States Natural Gas (NYSE: UNG) as well as iPath DJ-UBS Natural Gas TR Sub-Idx ETN (NYSE: GAZ).
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