Zhitong Finance and Economics learned that the price of US natural gas futures rose 5.6% on Tuesday to 2.348 US dollars/million British thermal unit. Earlier in the day, it fell more than 3% to the lowest level since February 23, but the subsequent short covering made it rebound.
Major natural gas producers generally closed higher, including Range Resources (RRC. US) up 4.6%, SilverBow Resources (SBOW. US) up 4%, Southwest Energy (SWN. US) up 3.3%, EQT Corp. (EQT. US) up 2.8%, Antero Resources (AR. US) up 2.6%, and Coterra Energy (CTRA. US) up 2.3%.
Robert DiDona of Energy Ventures Analysis, a consultancy, said that traders tried to push the natural gas price to $2/million British thermal unit, which triggered short covering because there were not enough negative factors to justify such a sharp decline. He predicts: "Given the weather outlook, there will be some bidders interested in the short term, and demand for liquefied natural gas will improve in the coming weeks
Analysts from energy consulting firm Ritterbusch and Associates said they "still believe that US natural gas prices will receive significant support below the curve, and Europe may become a strong buyer in the late summer because Russian supply is almost negligible compared to past years
WeChat QR code
Tiktok QR code
