NG Future jumped to above 5, up +0.38 today. This means that NG future broke important resistance at 4.89 in big way. We can quite safely say that the NG future has passed the low for this year and we shall see at least near term stable or up turn NG in the coming months.
Excerpt: <<NEW YORK - Natural gas futures rose in New York yesterday for the fourth time in five sessions on speculation that increasing demand for gas to run factories might hinder efforts to store supplies for winter. Manufacturers are replacing oil-based fuels after gas prices plunged to an eight-month low this week. Rising industrial demand for the fuel is reducing supplies available for storage, which probably posted their smallest gain in three months last week, according to a Bloomberg News survey of analysts. "We're seeing some demand" return since oil-based fuels became more costly than gas, said Jon Gipson, president of Shamrock Energy LLC in Shreveport, La... .....Heating oil is 28 percent more expensive than gas today, on an energy equivalent basis, and has been costlier than natural gas since June 26, according to Bloomberg data >>
That's just one factor driving higher prices. Are Canroys going to continue to kickbutt or what?