Nymex June natural gas prices advanced for a second straight session, amid speculation that the lowest prices in a decade will prompt production cuts and spur higher demand from power plants. June natural gas turned higher shortly before U.S. markets opened to trade from its session lows of $1.970 to advance sharply to intra-day highs of $2.097. Natural gas ended up posting a close at $2.17, a gain of 4.7%, the biggest since Feb 16 after U.S house Goldman Sachs touted that they see prices rebounding to as much as $4 per mln Btu “relatively quickly” on slower production growth and higher temperatures. Very little movement has been seen during Asian trading hours, with the market currently trading $2.180 just above its closing level of $2.170.
StockMarketNews Research Team