Reasons Behind Last Week's Rally in Natural Gas Prices
CTRACoterra(CTRA) ZACKS·2024-06-10 21:20

The U.S. Energy Department's weekly inventory release showed that natural gas supplies increased more than expected. The bearish inventory numbers notwithstanding, futures settled with a week-over-week gain on signs of production pullback, resurgence of LNG exports and robust summer demand. To be precise, the fuel reached a 21-week high on Friday, after gaining some 30% in May — its best monthly performance since July 2022 — supported by an improved macro backdrop. Despite the spike, the space remains highl ...