1458 ET - U.S. natural gas futures rise in a volatile session as the market approaches the shoulder season with a substantial storage deficit. "There's been a huge speculative buildup over the past couple of weeks," said Eli Rubin of EBW Analytics. Slightly colder weather forecasts, the tariffs on Canadian gas imports, and OPEC+ planning to raise oil output which could lead to lower oil prices and therefore less drilling and associated gas output, "theoretically could be a bullish catalyst," Rubin says. "But none of them explain the magnitude of the past two days." The market appears to be looking ahead to prospects of demand growth outpacing supply growth heading into next winter, where futures prices are averaging around $5, Rubin adds. The Nymex front month settles up 5.5% at $4.350/mmBtu after reaching $4.551 intraday. (anthony.harrup@wsj.com)
(END) Dow Jones Newswires
March 04, 2025 14:58 ET (19:58 GMT)
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