GoldenSnuff hat geschrieben:GoldenSnuff hat geschrieben:QGN9 long 3,80 !
Switsch in den Erdgasjulikontrakt.....Plane weiter unten aber noch eine 2. Position.....
Habe hier heute zu 3,65 aufgestockt......
NYMEX-Natural gas ends up 8 pct with cash despite weather
* NYMEX crude futures end down $1.42 a barrel
* Cash gas rallies with return of weekday demand
* Record storage, weak demand, mild temps limit gains
NEW YORK, June 15 (Reuters) - New York Mercantile Exchange natgas futures ended sharply higher on Monday, backed by a strong rebound in cash prices and technical buying after an early attempt to move lower stalled despite a sharp sell-off in crude and concerns about bearish fundamentals, traders said.
July natural gas rallied 32.5 cents, or 8 percent, to close at $4.182 per mmBtu after trading between $3.825 and $4.198. Winter month also finished higher, with January ending up 19.2 cents at $6.357.
"Some of the heat in Texas and the Southeast seems to be spreading, possibly into the Midwest, but the weather doesn't look all that supportive. I still don't see any heat waves hitting key regions like the Northeast, and the surplus in storage is bearish," said one Virginia-based trader.
Traders said firmer cash prices, technical buying by speculative funds to cover shorts, and talk of more buying by UNG, an exchange-traded fund, also fueled some of the upside.
But while there has been good technical support in the $3.60s and $3.70s, many traders still expect falling industrial demand, a huge storage surplus and mild weather to limit further price gains, at least until a broad-based heat wave kicks up cooling loads or a summer storm disrupts supplies.
AccuWeather.com expects temperatures in the Northeast and Midwest, key gas consuming regions, to average below normal for the next few days, with highs mostly in the 70s Fahrenheit area not likely to generate much air conditioning demand.
The National Weather Service eight- to 14-day outlook on Sunday called for above normal temperatures for the central third of the nation, with seasonal or below seasonal readings expected in the West, East and South including East Texas.
On the storage front, last week's report from the U.S. Energy Information Administration showed total domestic gas inventories climbed to 2.443 trillion cubic feet, a record high for this time of year.
Inventories now stand at 568 billion cubic feet, or 30 percent, above last year and 438 bcf, or 22 percent, above the five-year average. [ID:nPRWPI54]
Early injection estimates for Thursday's EIA report range from 95 bcf to 111 bcf versus a 60 bcf adjusted build for the same week in 2008, meaning a build in the expected range would drive the year-on-year surplus above 600 bcf.
In its June Short-Term Energy Outlook on Tuesday, EIA said the inventory build of 465 bcf in May was the largest increase for that month since records were first kept in 1976.
If weekly storage injections match the five-year average pace of 65 bcf for the remaining 21 weeks of the stock building season, inventories will begin next winter with 3.816 tcf in the ground, a new record high.
While gas fundamentals may improve this summer as steep declines in drilling trim output and rising economic activity and low prices encourage demand, some traders worry a growing inventory glut could seriously pressure prices later in the stock building season as storage caverns fill up.
Above $4 resistance, chart traders pegged next July resistance at June highs in the high-$4.20s and then at the three-month spot high of $4.575 from mid-May and February spot highs in the high-$4.80s. Support was seen in the $3.65-3.70 area and then at $3.50, the $3.388 low from three weeks ago and the 6-1/2-year spot low of $3.155 from late April.
In the cash market, Henry Hub swing quotes climbed 26 cents to $3.80, with late morning deals firming to 18 cents under NYMEX from 25 cents under on Friday.
Next-day prices on Transco pipeline at the New York city gate gained 27 cents to $4.16 despite the mild Tuesday outlook, while Chicago was 37 cents higher at $3.66.
The NYMEX 12-month Henry Hub strip jumped 22 cents, or 4 percent, to settle at $5.586. Henry Hub open interest on June 12 slid 8,447 contracts to 729,616.
