[ad_1]
With snug shoulder season temperatures weakening the demand outlook, pure fuel futures eased decrease in early buying and selling Monday. The October Nymex contract was off 2.1 cents to $2.584/MMBtu at round 8:50 a.m. ET.
Aided by a surprisingly lean storage injection from the most recent U.S. Power Data Administration (EIA) report and by late-summer warmth, the October contract managed to carry above technical assist at $2.50 final week, EBW Analytics Group analyst Eli Rubin mentioned.
Nevertheless, “there are few visibly bullish short-term market catalysts,” Rubin advised purchasers early Monday.
On the weather-driven demand entrance, each day cooling diploma day totals “may strategy merely one-third of final week’s peak warmth as demand drifts decrease via Friday,” the analyst…
[ad_2]
Source_link
