Getting your player ready...
Natural gas rose Thursday as speculators who had sold contracts in bad bets on falling prices bought the positions back to protect gains or limit losses.
Natural gas has rallied 64 percent since Dec. 31, forcing those with short positions to buy. Short trades are bets that prices will decline.
“Fundamentals have never been better than they are right now,” said Peter Linder, a Delta One Energy Fund analyst and senior adviser in Calgary, Alberta. “I’m convinced we’ll approach $13 or $14 by the end of July and August.”
Natural gas for August delivery rose 29.4 cents to settle at $12.30 per million British thermal units on the New York Mercantile Exchange.
