Glut? What Glut? U.S. Gas Winning Streak Defies Surplus: Chartby
In spurring the longest rally in U.S. natural gas futures since January, U.S. natural gas traders are ignoring an inconvenient truth: The nation’s stockpile surplus is the biggest in almost four years. The gas bulls behind the five-day rally are betting on a boost in demand from power plants and explorers curbing output. “Traders are looking ahead to improving demand this summer and the possibility of production cutbacks,” said Phil Flynn, a senior market analyst at Price Futures Group in Chicago.