The NYMEX December natural gas futures contract settled Thursday at $3.778/MMBtu, 2.9 cents above Wednesday's $3.749/MMBtu close, on expectations that the arrival of winter is imminent.
Despite bearish storage data, the market is finding some support from the lows, said PFGBest analyst Phil Flynn.
Thursday's market is a "victory for the bulls," he said, adding that support comes from a calendar headed toward winter and some positive economic news -- the stock market and US productivity numbers rose, Flynn said.
US Department of Labor announced that US nonfarm business sector labor productivity increased at a 3.1% annual rate during the third quarter, with output and hours worked rising 3.8% and 0.6%, respectively.
The December contract traded Thursday between $3.741/MMBtu and $3.863/MMBtu.
