Utilities Shares Drop As Nat Gas Continues To Slide — Utilities Roundup
Shares of power producers fell as key inflation data arrived in line with analyst expectations.
Utilities are particularly sensitive to shifts in the interest-rate outlook because they compete with Treasury markets.
Natural gas extended its retreat to four sessions as rising U.S. production and weak LNG feedgas deliveries offset the push from weather-driven demand and participants wait to see heat forecasts confirmed. "Sustaining severe July heat forecasts may be the most pressing challenge for bulls," said Eli Rubin of EBW Analytics.
Hot weather could allow August futures to rebound toward $3 in the near to medium term, while "another downturn in cooling demand could send gas tumbling towards $2.50/mmBtu," he added.
Write to Patrick Sullivan at patrick.sullivan@wsj.com
(END) Dow Jones Newswires
June 28, 2024 17:48 ET (21:48 GMT)
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