Market reaction to storage data saw natural gas futures chart push briefly above $3.00/MMBtu before retreating as traders booked profits. Technical support still holds firm at $2. Chicago ethanol swaps reached a low of $0.8450 per gallon wholesale in April 2020 as the global pandemic gripped markets across all asset classes. The country’s output has grown exponentially over the last decade due to the transition away from coal, and advancements in extraction technology such as horizontal drilling and hydraulic fracturing, also known as fracking. The US is also the biggest consumer of the fuel , primarily for home heating and generating electricity. On the natural gas futures chart, strong support remains at $2.70/MMBtu after last week’s sell-off. Market chatter hints hedge funds are re-entering long positions ahead of peak heating demand.
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