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U.S. natural gas futures surged 8% Monday as traders covered short positions after plunging 9% last week near the psychologically significant $2/MMBtu level.
Front-month Nymex natural gas (NG1:COM) for May delivery settled +8% to $2.172/MMBtu, its largest one-day percentage gain since March 3 and the fifth gain in the past six sessions.
ETFs: (NYSEARCA:UNG), (UGAZF), (BOIL), (KOLD), (UNL), (FCG)
Stocks of natural gas producers closed with broad gains, including top producer EQT Corp. (NYSE:EQT) +3.9%, Chesapeake Energy (CHK) +3%, Coterra Energy (CTRA) +2.8%, Range Resources (RRC) +2.8%, Antero Resources (AR) +2.7%, Southwestern Energy (SWN) +5.2%.
Tradition Energy director of market research attributed the bounce to traders covering their short positions, with support also the result of anticipation of increased demand from power plants as air conditioning season arrives in parts of the Southern U.S.
Analysts also said the market could see high volatility in the near term, given the lack of clear catalysts.
Energy consultant Ritterbusch and Associates said recently it still sees "significant price support further down the curve with Europe likely to be a stronger player later in the summer."
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April 11, 2023 at 04:40AM
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U.S. natural gas pops 8% as analysts see short covering (NYSEARCA:UNG) - Seeking Alpha
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