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1541 ET – U.S. natural gas futures start the week with losses, but settle above early lows as weather forecasts continue to add cold to the outlook for later this week and into December. “The market has been quickly recovering from any dips and reacting quickly to any confirmation of colder patterns, and winter risk premiums appear justified for now,” Andy Huenefeld of Pinebrook Energy Advisors says in a note. Nymex gas for December delivery settles down 0.7% at $4.549/mmBtu, with steeper losses seen for January through March. The market “remains highly reactive to early-season cold but less convinced about deeper-winter fundamentals,” Huenefeld adds. ([email protected])
U.S. Natural Gas Futures Start Week Lower
0847 ET – U.S. natural gas futures are slightly lower in early trade, with December options set to expire today and futures tomorrow. “Overall, the information this morning looks constructive for natural gas prices, but I wonder if the market is beginning to believe that a cold December is priced?,” Scott Shelton of TP ICAP says in a note. Bulls may already have bought “and could be under some near-term pressure to find some new buyers,” he adds. Nymex natural gas for December is off 0.9% at $4.538/mmBtu.([email protected])
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