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MTECHTIPS:-U.S. natural gas edges higher ahead of weekly storage data

Wednesday, November 16, 2016 23:54
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MTECHTIPS:-U.S. natural gas edges higher ahead of weekly storage data

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MTECHTIPS- U.S. natural gas futures edged higher on Tuesday, 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 December delivery on the New York Mercantile Exchange rose 6.0 cents, or 2.2%, to $2.766 per million British thermal units by 9:02 AM ET (14:02 GMT). It lost 4.0 cents, or 1.46%, the day before. Market participants awaited weekly supply data due on Thursday, which is expected to show a build in a range between 21 and 30 billion cubic feet in the week ended November 11. That compares with a gain of 54 billion cubic feet in the preceding week, 15 billion a year earlier and a five-year average build of 3 billion cubic feet. Total natural gas in storage currently stands at an all-time high of 4.017 trillion cubic feet, according to the U.S. Energy Information Administration, 1.2% higher than levels at this time a year ago and 4.7% above the five-year average for this time of year. Market analysts have warned that supplies in storage could peak at around 4.050 trillion cubic feet by the end of November unless subfreezing winter temperatures result in higher demand. Updated forecasting models showed a weather system pushing into the western U.S. later this week, which will then track toward the eastern U.S. next weekend, bringing rain, snow, and cooler than normal temperatures along with it

 

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