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MTECHTIPS- U.S. natural gas falls to 7-week lows ahead of weekly storage data

Thursday, October 27, 2016 0:05
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MTECHTIPS- U.S. natural gas falls to 7-week lows ahead of weekly storage data

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MTECHTIPS- U.S. natural gas futures fell to a fresh seven-week low on Wednesday, as market players looked ahead to fresh weekly information on U.S. gas inventories to gauge the strength of demand for the fuel. Natural gas for delivery in November on the New York Mercantile Exchange touched a daily low of $2.706 per million British thermal units, a level not seen since September 8. It was last at $2.742 by 9:40 AM ET (13:40 GMT), down 3.2 cents, or 1.15%. Meanwhile, the more actively-traded December contract sank 6.6 cents, or 2.1%, to $3.083 per million British thermal units. It plunged 17.0 cents, or 5.12%, on Tuesday, as forecasts showing unseasonably warm temperatures across the U.S. Midwest in the days ahead dampened demand expectations for the heating fuel. Market participants awaited weekly supply data due on Thursday, which is expected to show a build of approximately 70 billion cubic feet in the week ended October 21. That compares 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 natural gas in storage currently stands at 3.836 trillion cubic feet, according to the U.S. Energy Information Administration, 1.2% higher than levels at this time a year ago and 4.8% above the five-year average for this time of year

 

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