October Nymex natural gas futures took another stab at the upside early Wednesday. Still, gains were likely to be hard-won as the market wrestled with changing fundamentals and searched for the next major price catalyst.
The prompt month futures contract was 3.6 cents higher to $2.360/MMBtu as of 8:25 a.m. ET Wednesday. A day earlier, after rising to an eight-week high of $2.436, the contract settled down 4.9 cents.
“Fading seasonal storage oversupply concerns are helping to buoy prices,” EBW Analytics Group senior analyst Eli Rubin said. Natural gas storage injections in the last weeks outlined bullish misses against historical averages and market expectations.
