Last week, natural gas finished up by 3.60 per cent. The week started on bullish note on the back of bullish weather revisions for the start of July.
The first half 2017, power burn average was lower than year over year. Right now natural gas is going through period of price consolidation and waiting for the prediction of winter. Inventories right now stand at a level that is 10.2% below last year but still 6.9% above five year average.
Natural Gas typically hit seasonal low with spring’s mild temperature. During warm summer, natural gas demand peaks to power gas fired air condition and in winter too, the demand increases to power heating. Nearly 50% of all US household use natural gas for heating.
The open interest has dropped from record high of May to June and the prices also dropped from Rs.220 in May to Rs.193 in June. The open interest declined by 15.4 percent while prices dropped by 12.2%.
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