1604 ET - Natural gas futures post their biggest one-day gain in six weeks, settling up 4.5% at $2.965/mmBtu. Lower expectations for end-of-season storage levels following a string of below-average injections could be behind the rise, which is also "partly due to a short-covering rally as bears are overweight via commitment of traders and rushed to exit when prices worked against them," NatGasWeather.com says in a note. Numerous bearish factors remain, including a near-term seasonal decline in weather-driver demand and a strong El Niño weather pattern "with many forecasts predicting a warmer-than-normal winter across the northern U.S.," the forecaster adds.
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