Natural gas comes off the boil, at least in the US
Natural gas prices down 5% today
The one-way trade in natural gas markets has finally stopped, at least in the US.
Natty is down 5% today and now up just 2.6% on the week. If you scroll out though, it's been a one-way trade since April and a remarkable bull run.
The heat might have come out of the market on forecasts for moderate weather in October that are beginning to circulate. The thing about gas is that it's so heavily driven by weather and that's a world of its own. There is a seasonal tailwind though through November and when the cold comes, it will rally again.
While gas is an interesting point in North America, it's a crisis in Europe and parts of Asia. European benchmark gas was higher again today after yesterday's dip.