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MTECHTIPS:-NATURAL GAS
Natural gas prices came under pressure on Friday, as investors cashed out of the market to lock in gains from a sharp rally that took prices almost 10% higher in the past five sessions.On the New York Mercantile Exchange, natural gas futures for delivery in June settled at USD2.282 per million British thermal units by close of trade on Friday.On the week, prices surged 4.3%, the second consecutive weekly advance.Prices climbed to as high as USD2.381 on May 2, the highest since March 26.Heading in to Friday’s session, natural gas prices had gained nearly 10%, with rises in four of the past five sessions.Sentiment on the heating fuel has improved in recent weeks after hitting a string of fresh 10-year lows. Prices are up almost 17% since hitting a decade-low of USD1.902 on April 19, amid indications major North American natural gas producers were cutting back on production in response to lower prices. Industry research group Baker Hughes said Friday that the number of active rigs drilling for natural gas in the U.S. fell by 7 last week to 606, the lowest since April 2002, when there were 591 rigs operating.
Natural gas prices came under pressure on Friday, as investors cashed out of the market to lock in gains from a sharp rally that took prices almost 10% higher in the past five sessions.On the New York Mercantile Exchange, natural gas futures for delivery in June settled at USD2.282 per million British thermal units by close of trade on Friday.On the week, prices surged 4.3%, the second consecutive weekly advance.Prices climbed to as high as USD2.381 on May 2, the highest since March 26.Heading in to Friday’s session, natural gas prices had gained nearly 10%, with rises in four of the past five sessions.Sentiment on the heating fuel has improved in recent weeks after hitting a string of fresh 10-year lows. Prices are up almost 17% since hitting a decade-low of USD1.902 on April 19, amid indications major North American natural gas producers were cutting back on production in response to lower prices. Industry research group Baker Hughes said Friday that the number of active rigs drilling for natural gas in the U.S. fell by 7 last week to 606, the lowest since April 2002, when there were 591 rigs operating.
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