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Thursday, June 30, 2016

Natural Gas Prices Continue to Rise

From Seeking Alpha:
It was a wild week in markets. In the lead up to the Brexit vote, market action signaled confidence that the United Kingdom would remain within the European Union, but the results of the referendum on Thursday night shocked markets causing wild volatility to reverberate across all asset classes. Commodity markets were no exception as the dollar rallied and oil, agricultural products, and industrial metals and minerals moved sharply lower. The uncertainty caused by the European shocker propelled gold, silver, and platinum prices higher. All the while, natural gas had a very quiet week, and its response to Brexit was a nonevent. Last Friday, while all hell was breaking loose in other markets, daily volume in natural gas was the lowest it had been in a very long time as traders, speculators and investors had more important things to do than pay attention to the natural gas market. 
Since making lows of $1.6110 on the active month NYMEX natural gas futures market in early March, the price of the energy commodity has recovered. Last Friday, natural gas closed at around the $2.67 per MMBtu level, marginally higher than the prior week and higher for the fifth straight week.
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