Natural gas futures leaped to the highest price in five years, as forecasters cautioned of more chilling US weather. Hedge funds raised bullish stakes on the heating fuel as inventories plunged to the lowest in a decade.
Natural gas to be delivered in March profited 5.6% to $6.478 per million British thermal units in electronic trading on the New York Mercantile Exchange, the biggest intraday price since December 3, 2008. The contract was set at $6.384 at 1:15 p.m. in Singapore, prolonging last week’s 18% gain. The volume of all futures listed was more than double the 100-day average.
Hedge funds inflated bullish bets on natural gas, which has bounced 51% this year, for the fifth time in six weeks, as seen in the US Commodity Futures Trading Commission figures. US gas stockpiles stumbled by 250 billion cubic feet to 1.443 trillion in the week ended on February 14, the lowest since 2004, as indicated in the government data.
Money managers’ net-long positions, or wagers on rising prices, gained 5% in the seven days ended on Feb. 18, to the highest peak since May, based on the US data. Bearish bets slipped 7.3% to the least in more than two years.
Net-long positions on four US natural gas contracts withheld by money managers advanced by 20,872 futures equivalents to 442,009 in the week ended Feb. 18, the highest since the week ended May 28, said CFTC. Long positions profited by 6,835 or 1.1%, while bearish bets dived 14,037 to 178,370, the lowest since May 31, 2011.
Meteorologists are watching the possibility of “returning disruptive snow to the Northeast,” said AccuWeather Inc. in a report yesterday. If a series of storms combine over the Northwest snow would likely evolve close or along the I-95 corridor, heading to another round of disruptions to travel and daily routines, it added.
Around 49% of US households use gas for heating, with the largest consumers in the Midwest, US Energy Information Administration report show.
The material has been provided by InstaForex Company – www.instaforex.com
Natural gas futures leaped to the highest price in five years, as forecasters cautioned of more chilling US weather. Hedge funds raised bullish stakes on the heating fuel as inventories plunged to the lowest in a decade.
Natural gas to be delivered in March profited 5.6% to $6.478 per million British thermal units in electronic trading on the New York Mercantile Exchange, the biggest intraday price since December 3, 2008. The contract was set at $6.384 at 1:15 p.m. in Singapore, prolonging last week’s 18% gain. The volume of all futures listed was more than double the 100-day average.
Hedge funds inflated bullish bets on natural gas, which has bounced 51% this year, for the fifth time in six weeks, as seen in the US Commodity Futures Trading Commission figures. US gas stockpiles stumbled by 250 billion cubic feet to 1.443 trillion in the week ended on February 14, the lowest since 2004, as indicated in the government data.
Money managers’ net-long positions, or wagers on rising prices, gained 5% in the seven days ended on Feb. 18, to the highest peak since May, based on the US data. Bearish bets slipped 7.3% to the least in more than two years.
Net-long positions on four US natural gas contracts withheld by money managers advanced by 20,872 futures equivalents to 442,009 in the week ended Feb. 18, the highest since the week ended May 28, said CFTC. Long positions profited by 6,835 or 1.1%, while bearish bets dived 14,037 to 178,370, the lowest since May 31, 2011.
Meteorologists are watching the possibility of “returning disruptive snow to the Northeast,” said AccuWeather Inc. in a report yesterday. If a series of storms combine over the Northwest snow would likely evolve close or along the I-95 corridor, heading to another round of disruptions to travel and daily routines, it added.
Around 49% of US households use gas for heating, with the largest consumers in the Midwest, US Energy Information Administration report show.
The material has been provided by InstaForex Company – www.instaforex.com
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