Profile image
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

MTECHTIPS:-U.S. natural gas rises to 1-week high on bets for bullish storage data

Thursday, March 2, 2017 6:05
% of readers think this story is Fact. Add your two cents.

(Before It's News)

MTECHTIPS:-U.S. natural gas rises to 1-week high on bets for bullish storage data

 

 

MTECHTIPS- U.S. natural gas futures rose to a one-week high on Wednesday, as traders looked ahead to weekly storage data to gauge supply and demand levels. U.S. natural gas for April delivery reached a session high of $2.824 per million British thermal units earlier, a level not seen since February 21. It was last at $2.779 by 9:40 AM ET (14:40 GMT), up 0.5 cents, or around 0.3%, after jumping 3% in the prior session. Market participants looked ahead to weekly storage data due on Thursday, which is expected to show a draw in a range of 5 billion cubic feet in the week ended February 24. That compares with a withdrawal of 89 billion cubic feet in the preceding week, 48 billion a year earlier and a five-year average drop of 132 billion cubic feet. Total natural gas in storage currently stands at 2.356 trillion cubic feet, according to the U.S. Energy Information Administration, 2.5% lower than levels at this time a year ago and 6.6% above the five-year average for this time of year. Prices of the heating fuel are down a whopping 27% so far this year as forecasts called for mostly warmer-than-normal winter weather in key regions across the U.S. Based on data from the National Oceanographic and Atmospheric Administration, this year’s extremely warm winter has pushed heating demand for natural gas to nearly 20% below average.About half of U.S. homes use natural gas for heating. Without significant demand for natural gas, inventories could stay near record levels and may even continue to pull prices even lower.

MTECHTIPS-Apply For 2 Days Free Trails Equity & Commodity Tips

 

 

WWW.MTECHTIPS.COM

 

07489294118-119

Report abuse

Comments

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
 

Featured

 

Top Global

 

Top Alternative

 

Register

Newsletter

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.