Commodities
NG Futures Reclaim $3 as Output Hits Lowest Since July
Natural gas futures continued their upward trend on Wednesday, reclaiming the $3 mark for the first time in a while. The surge was driven by short covering and colder overnight forecasts that increased heating demand.
The output of natural gas also dropped to its lowest level since July, adding to the bullish sentiment. Speculators held record levels of shorts, which contributed to the price increase.
Weather models are predicting a return to colder temperatures, which should further boost demand and prices.