2017 To Benefit From Huge End-Of-Year Gas Rally?
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As 2016 came to a close, US natural gas prices were on track to be the best-performing commodity of the year as Q4 gains grew to the largest levels in 16 years.
The majority of traders believe gas will keep growing deep into this year, pushed forward by an ever-shrinking supply of natural gas combined with OPEC’s recent pledge to cut output, Bloomberg reports. Shrinking gas inventories promise to push prices up as homes and businesses continue to rely on the fuel to stay warm in the heart of winter.
Recent low supply levels are a big change for an industry that’s had to deal with a supply glut ever since the US shale boom took off, with stockpiles falling to their lowest levels the second to last week of December since February 2014. [Bloomberg]