November natural gas prices broke out to a new eight day high during the initial morning hours and appear on a mission to retest the September high of $3.199. Upside action in the natural gas market has come from an elevated level of offline US nuclear capacity and short covering ahead of October contract expiration today. Meanwhile, the market gets little support from the US weather forecasts that continue to transition into winter season. Early morning price action gives the bull camp the edge and potential for a push toward $3.20.
*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.
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