Natural Gas Rises Above $6 Level, Broad Trend Mixed

31 Oct 2022 , 12:19 PM

The US Natural Gas futures rose today as a bounce from a seven month low extended amid good bargain buying and steady cues from equities. The commodity is currently quoting at $6.01 per mmbtu, up 0.32% on the day. However, the market continues to focus on the US weather trends. The prices have been pulled lower on demand concerns and traders continue to focus on warmer-than-expected weather in the eastern half of the US. If the weather patterns continue to be like this, then there is a possibility that the current bounce above $6 might not extend much. However, the broad trends remain positive for the commodity as EU has agreed to cut natural gas demand from Russia by 15% by early 2023. Powered by Commodity Insights