1447 ET - U.S. natural gas futures lose some ground following last week's 17% rally as the near-term weather outlook remains supportive of large inventory builds. Technical support, short-covering, and "an increasingly skeptical view of recent production trends" helped last week's bounce, Andy Huenefeld of Pinebrook Energy Advisors says in a note. The shift in storage to a small surplus over the five-year average was a milestone, "but with year-on-year deficits still sizable and supply growth uncertain, it's not necessarily a bearish signal on its own," he adds. "We believe the market had overshot to the downside and is now beginning to reprice risk more appropriately." Nymex natural gas settles down 2.2% at $3.550/mmBtu. (anthony.harrup@wsj.com)
(END) Dow Jones Newswires
May 05, 2025 14:47 ET (18:47 GMT)
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