Profile image
Story Views

Last Hour:
Last 24 Hours:

MTECHTIPS:-U.S. natural gas extends gains after weekly storage data

Friday, October 28, 2016 2:23
% of readers think this story is Fact. Add your two cents.

MTECHTIPS:-U.S. natural gas extends gains after weekly storage data



MTECHTIPS- U.S. natural gas futures extended gains on Thursday morning, rising to the highest levels of the session after data showed that natural gas supplies in storage in the U.S. rose broadly in line with market expectations last week. Natural gas for delivery in December on the New York Mercantile Exchange rallied 4.5 cents, or 1.48%, to $3.081 per million British thermal units by 10:55 AM ET (14:55 GMT). Futures were at around $3.053 prior to the release of the supply data. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 73 billion cubic feet in the week ended October 21, matching market expectations. That compared with a gain of 77 billion cubic feet in the preceding week, 62 billion a year earlier and a five-year average build of 76 billion cubic feet. Total U.S. natural gas storage stood at 3.909 trillion cubic feet, just 1.3% higher than levels at this time a year ago and 4.7% above the five-year average for this time of year. Natural gas futures have been under heavy selling pressure in recent days as warmer-than-average weather in key gas-consuming regions in the U.S. ignited speculation that a mild winter will curtail demand for the heating fuel and leave a glut of it in storage, weighing on prices next year. Gas futures often reach a seasonal low in October, when mild weather reduces demand, before recovering in the winter, when heating-fuel use peaks.

We encourage you to Share our Reports, Analyses, Breaking News and Videos. Simply Click your Favorite Social Media Button and Share.

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories



Top Global


Top Alternative




Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.