Natural Gas Down For The Week Amid Supply Concerns

 Natural Gas Down For The Week Amid Supply Concerns

This post was originally published on this site

15:47 ET – Natural gas rose 2.2% but still ended the week down 11.5%, amid mounting concerns that supply would easily overshoot demand in a winter expected to be mild. Prices rallied early in the pandemic, which some traders say was a largely speculative move with little support from fundamentals. Thursday, the EIA said storage had increased by 31 Bcf, about 50% more than some forecasts, fueling fears of oversupply. This month, the price is down 21%, but it’s up 21% so far this year. (paulo.trevisani@wsj.com; @ptrevisani)