U.S. Natural Gas Futures Give Back Most Previous Day’s Gains
Natural gas futures are lower after giving back most of the previous day’s gains. EBW Analytics’ Eli Rubin says much of the prior rise was likely technically driven.
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Natural gas futures are lower after giving back most of the previous day’s gains. EBW Analytics’ Eli Rubin says much of the prior rise was likely technically driven.
U.S. natural gas futures settled lower after the EIA said storage rose by 85 billion cubic feet in the week ended Oct. 2. The build topped the 79 bcf expected in a WSJ survey and weighed on prices.
U.S. natural gas futures turned lower after the EIA reported a weekly inventory increase above expectations. The build left stocks at 3,500 Bcf, 68 Bcf above the 2021-2025 average.
Oil futures rose sharply as concerns intensified over renewed strikes on Iran, attacks on shipping in the Gulf and production shut-ins ahead of Tropical Storm Isaias. WTI was up 4.7% at $92.46 a barrel and Brent gained 4.5% to $104.76.
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