Leading up to todays report, Natural gas prices rose Wednesday to their highest price in nearly two years as cooler forecasts continue raising expectations for demand. Wednesday’s forecasts show below-average temperatures spreading across most of the country starting next week. MDA
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Natural-gas wholesale contracts for January delivery settled up 3.7 cents, or 1.1%, at $3.352 a million British thermal units on the New York Mercantile Exchange. It ended the month up nearly 11%, its eighth winning month of the last nine. A long winning streak has gas up 24% in less than two weeks.
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Weather Services in Maryland updated its forecast to show those cold temperatures, some extreme in the Northwest Rockies, pushing slightly above-normal temperatures that had been in Tuesday’s forecast almost completely out of the Eastern U.S.
See a recap of previous weeks EIA storage reports here.
EIA Natural Gas Storage Report 12-01-16
Working gas in storage was 3,995 Bcf as of Friday, November 25, 2016, according to EIA estimates. This represents a net decline of 50 Bcf from the previous week. Stocks were 24 Bcf higher than last year at this time and 235 Bcf above the five-year average of 3,760 Bcf. At 3,995 Bcf, total working gas is above the five-year historical range.
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Analysts projected utilities pulled around 56 bcf of gas from storage during the week ended November 25. As of 10:35 ET, natural gas futures were trading at $3.454 up 3%.
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Review a recap of previous weeks EIA Natural Gas inventory Reports.
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