Natural gas surges 12%, lifting producers' shares to YTD highs
$Range Resources (RRC.US)$and other natural gas-focused producers ripped to 52-week highs today as U.S. front-month natural gas soared to its largest one-day percentage gain since September a year ago, closing +12% to $5.898/MMBtu$United States Natural Gas (UNG.US)$.
Yesterday's settlement is the second highest this year, after the front-month contract hit $6.312 on October 5.
After nearly a month of above-normal temperatures, the National Oceanic and Atmospheric Administration predicts cooler than normal conditions for most of the U.S. southeast and midwest during the first week of November, which should lift domestic heating demand over the period, Schneider Electric's Christin Redmond tells MarketWatch.
NatGasWeather.com says these are not frigid systems to start November, "and the pattern isn't bullish, it's just better than it's been the past five weeks for more seasonal national demand."
Citing strong natural gas fundamentals, Stifel analysts recently upgraded Range Resources to a Buy rating.
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