• Tony Zelinski

EIA Natural Gas Storage Report 11-10-16


Leading up to todays report, Natural gas halted its downward slide Wednesday as market participants awaited new data on supplies and more clarity on winter weather forecasts.

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Natural gas prices reversed losses early in the day to settle up 5.7 cents, or 2.16%, at $2.69 a million British thermal units on the New York Mercantile Exchange.

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Natural gas has been battered for weeks, as persistently warm weather has stoked fears that a warm winter will limit heating demand even as stockpiles are elevated. Prices have plunged more than 20% since a 52-week high in mid-October, and money managers have been liquidating their bullish positions on natural gas.

An update to weather forecasts Wednesday afternoon also showed some colder weather could appear in a few weeks.

See a recap of previous weeks EIA storage reports here.

EIA Natural Gas Storage Report 11-10-16

Working gas in storage was 4,017 Bcf as of Friday, November 4, 2016, according to EIA estimates. This represents a net increase of 54 Bcf from the previous week. Stocks were 47 Bcf higher than last year at this time and 189 Bcf above the five-year average of 3,828 Bcf. At 4,017 Bcf, total working gas is above the five-year historical range.

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Analysts expected a build of 55 bcf. As of 10:32 ET, natural gas futures were trading lower by 3.3% to $2.601.

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You can review a recap of previous weeks EIA Natural Gas inventory Reports.

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