SEPT 18 THURSDAY
SHORT TERM TREND : BULLISH
LONG TERM REND : BULLISH
S1 RS 373.60 , S2 RS 368
R1 RS 381 , R2 RS 386
STAY LONG .
Natural Gas Futures Gain as AIG Rescue Spurs Commodity Buying .
Natural gas futures rose 8.7 percent, the biggest increase
in more than a year, as commodities gained after the
Federal Reserve's rescue of American International
Group Inc.
Investors turned to commodities as an alternative investment as
equities declined. Gas also gained as production disruptions from
hurricanes Gustav and Ike may leave supplies of the heating fuel
lower than forecast before colder weather spurs demand.
Natural gas for October delivery gained 63.1 cents, or 8.7 percent, to
settle at $7.91 per million at 3:13 p.m. on the New York Mercantile
Exchange, the biggest one-day gain since advancing 12 percent on
Jan. 30, 2007.
U.S. gas inventories rose 63 billion cubic feet in the week ended
Sept. 12, according to the median of 16 analyst estimates compiled
by Bloomberg. Supplies in the same week over the past five years
advanced an average 88 billion cubic feet, according to the Energy
Department.
Gulf production has been mostly shut this month because of the recent
storms, boosting expectations that winter inventories will be pinched.
Supplies normally gain before November, when demand for the
heating fuel begins its rise to a winter peak.
Oil gained $6.01, or 6.6 percent, to settle at $97.16 a barrel in New York.
Technical analysis of the natural gas price chart also suggests a
more constructive'' outlook for the heating and industrial fuel.
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