Natural gas futures bounced to a three-week high in New York, as storms and cold weather hyped heating demand, trimming stockpiles to the least in 10 years. Gas surged 6.5% as the second storm in three days dragged snow to the Northeast.
Natural gas to be delivered in March increased 33.7 cents to $5.551 per million British thermal units on the New York Mercantile Exchange, the biggest since January 29. Trading volume was 19% over the 100-day average at 2:43 p.m. Gas futures went up by 31% this year, the second largest earner in the Standard & Poor’s GSCI index of 24 commodities, after coffee.
The Nymex floor was shut yesterday for the US Presidents Day holiday. Yesterday, electronic trading leaned on today’s settlement. March gas listed 79.8 cents above the April contract, as compared to 63.7 cents on February 14 and 17.8 cents last month. Implied volatility for April at-the-money options was at 42.91% at 3:00 p.m., as compared to 30.89% for the front-month contract last year.
The material has been provided by InstaForex Company – www.instaforex.com
Natural gas futures bounced to a three-week high in New York, as storms and cold weather hyped heating demand, trimming stockpiles to the least in 10 years. Gas surged 6.5% as the second storm in three days dragged snow to the Northeast.
Natural gas to be delivered in March increased 33.7 cents to $5.551 per million British thermal units on the New York Mercantile Exchange, the biggest since January 29. Trading volume was 19% over the 100-day average at 2:43 p.m. Gas futures went up by 31% this year, the second largest earner in the Standard & Poor’s GSCI index of 24 commodities, after coffee.
The Nymex floor was shut yesterday for the US Presidents Day holiday. Yesterday, electronic trading leaned on today’s settlement. March gas listed 79.8 cents above the April contract, as compared to 63.7 cents on February 14 and 17.8 cents last month. Implied volatility for April at-the-money options was at 42.91% at 3:00 p.m., as compared to 30.89% for the front-month contract last year.
The material has been provided by InstaForex Company – www.instaforex.com
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