Massive Natural Gas Future Outdated, Not Released for Basic Shifts – Natural Gas Intelligence

The forthcoming month-end of Monday has seen a sharp rise in natural gas futures in early trading. The October Nimex contract, which expires, rose 32.4 cents to 5.464 / MMBtu around 8:50 p.m. In November, it rose from 32.8 cents to $ 5,528.

High prices on European standards and the end of the October contract appear to be at the beginning of the price hike on Monday, Bespock Weather Services told customers in a statement.

It is important to note that the end of the contract is “because options will expire today and the October contract will be transferred from the board tomorrow.” Regardless of the exact information, we were able to see an abundance of purchases towards the end of the contract. So, it is difficult to say how fast we will run here, but after the expiration of the smoke, we see the dangers of dragging.

Seasonal storage conditions are changing to “higher” above 3.6 Tcf, and forecasts continue to show demand for “extreme” weather conditions for natural gas.

“This will start to increase over the next few weeks,” says Bespock.

Analysts at the EBW Analysis Group on Monday predicted that the expiration of the consumer options and the final settlement of the October contract could lead to “higher price movement unrestricted.”

Accordingly, in the first week of October, the company reported high demand for heating, forecast for the weekend.

“Natural gas production findings also appear to help weaken short-term fundamentals,” says IBF analysts.

Nevertheless, below-normal heating demand will push the gas market to 2.9 Bcf / d tester over the next three storage weeks until mid-October.

“The end of options and the final settlement will drive price action today and tomorrow, but if the October weather conditions do not provide further support, the downward pressure on Nimex gas could be over this weekend,” EBF analysts said.

Technically, corporations came up with “more work” last week after posting two straight sessions of double-digit findings, according to ICAP technical analyst Brian La Rossie.

Citing a recent November November contract, he said, “Bulls need to be released in line with recent highs in order to be able to run fast with $ 6.108.” These recovery (and the $ 5,655 / 5.695 altitude) and Bears can get another crack at support at 4.690-4.655.

In November, crude oil futures rose 1.48 to 75.46 / bbl around 8:50 am.

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