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NYMEX: US natural gas continues gains for second straight session

09 May 2012 11:06:03 | lmd

The June '12 front month on the NYMEX futures market finished higher after a day of volatile tracking, marking the second consecutive gain this week.

The Henry Hub benchmark finished at $2.39/MMBtu, up by almost 6 cents from the previous session.

Intra-day activity moved within a seven-cent spread, as technical trading and short-covering governed most of the day. Mixed weather outlooks showed cooler temperatures in the interior in the southeast and warmer temperatures for the west.

Increasing demand for natural gas because of coal displacement for power generation and curbed production levels are supporting the market, said Addison Armstrong, market research director for investment firm Tradition Energy.

Front-month activity has softened from its free-fall momentum noted in April, as production levels have started to show an incremental pullback, based on recent industry rig counts.

US cash prices showed the inverse of the futures market, as most locations slid by a few cents on Tuesday.

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