US natural gas testing $5/MMbtu floor

Just when the North American natural gas market was in danger of becoming boring, it begins to test the consensus $5/MMbtu floor.Supply concerns and, to a lesser degree, recovering demand have put near-term price projections for natural gas in the US at $5/MMbtu or above for months now. Helping to keep a prop under those expectations have been soaring oil prices. New York benchmark futures crude came within a whisper of $50/bbl in recent weeks, enlarging the the crude-to-gas premium.Meantime, a robust gas storage injection rate has helped keep the 12-month futures strip a bit less volatile than might have been expected 6 months ago.Price weaknessBut analysts are struggling to divine what ...

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