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MTECHTIPS-Natural Gas Futures Snap 2-Day Losing Streak

Wednesday, November 15, 2017 23:31

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MTECHTIPS-Natural Gas Futures Snap 2-Day Losing Streak

MTECHTIPS-Natural gas futures were higher on Wednesday, snapping a two-day losing streak as investors looked ahead to weekly data from the U.S. on supplies in storage to gauge demand for the fuel. U.S. natural gas futures tacked on 2.2 cents, or around 0.7%, to $3.123 per million British thermal units by 8:55 AM ET (1355 GMT). It reached a more than one-week low of $3.064 in the last session. Futures lost 2% on Tuesday amid forecasts for less heating demand through the end of this month. Gas futures often reach a seasonal low in late October and early November, when mild weather weakens demand, before recovering in the winter, when heating-fuel use peaks. The heating season from November through March is the peak demand period for U.S. gas consumption. Market participants looked ahead to this week’s storage data due on Thursday, which is expected to show a draw in a range between 3 and 15 billion cubic feet (bcf) in the week ended Nov. 10. That compares with a gain of 15 bcf in the preceding week, a build of 30 bcf a year earlier and a five-year average rise of 12 bcf. Total natural gas in storage currently stands at 3.790 trillion cubic feet (tcf), according to the U.S. Energy Information Administration. That figure is 219 bcf, or around 5.5%, lower than levels at this time a year ago and 71 bcf, or roughly 1.8%, below the five-year average for this time of year

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