Photo: :marMark: via flickr
Natural gas continued its furious May rally Friday, gaining 3 per cent on bullish weather forecasts.June Henry Hub futures were trading up 7.4 cents to $2.67 this afternoon on above-average temperature forecasts for the north and east, the Wall Street Journal reported.
Ideally, that would spur demand for natural gas from power utilities for air conditioning.
While excess surplus “continues to haunt this market,” according to one expert, the rally should last at least another week.
Prices last reached the mid $2.60s in February.
Shares of embattled Chesapeake Energy Corp. were up 5 per cent. Devon, Exxon and Halliburton shares were all up slightly.