U.S. Natural Gas Futures Hold Onto Gains
0914 ET – U.S. natural gas futures hold their ground while oil prices fall on the OPEC+ decision to bring back another 411,000 barrels a day of production in June. 'Bullish longs are jumping back into the natural gas market,' Eli Rubin of EBW Analytics says in a note. The accelerated return of OPEC+ production is a long-term tailwind for natural gas as it will pressure U.S. shale and associated gas production, while the near-term rally may be unsustainable given soft seasonal fundamentals, he says. Nymex natural gas edges up 0.1% at $3.634/mmBtu.(anthony.harrup@wsj.com)
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