Futures on natural gas are slowly rising
As it was stated by analysts of Fort Financials Services agency futures quotes on natural gas have risen on Wednesday.
Futures on natural gas provided in November closed out under 2474 USD for 1 million BTU. Maximum rate of the session was 2531 USD for 1 million BTU.
It is worth noticing that during Tuesday sessions futures quotes on natural gas had slightly risen in the USA, although they are still near 3-year minimum since high rate of processing keeps prices from further rising.
Fixing of profit by bears who benefited precisely from quotes fall on last week is the reason of current quotes rise. Moreover, gas consumption rises right before the start of winter heating season when highest demand on natural gas is taking place.
It is worth noticing that some forecasts also predict milder winter that will cause the decrease of demand for natural gas for heating since El-Nino phenomenon may likely provide higher air temperatures in North America. In the beginning of this week Information Bureau of United States Department of Energy announced that before the end of the year the price on natural gas in Henry Hub (distribution hub on the natural gas pipeline system in Louisiana) will likely stay lower that 3 USD for 1 million BTU. With that, analysts of Fort FS Company note that the price for heating of public housing may decrease by 10% comparing with year 2014.
Find more information on market analysis on website: https://www.fortfs.com/ru/analytics/technical