Probably profit taking from shorts and the end of the month affect the temporary gas price rebound 📈
NATGAS suddenly rose from a local low below $2.1/MMBTU to levels near $2.2/MMBTU. From the local low to the local high is more than 8% of the move. Today NATGAS is gaining just under 5%. Most likely, this is the result of month-end and quarter-end shorts being closed. In long-term terms, however, the current move is not very significant. Yesterday, the drop in gas supply was relatively low to cause a change in the trend. A similar situation is evident in Europe, where TTF is soaring 10%. This is also most likely triggered by month-end and quarter-end balancing.
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