• Tony Zelinski

EIA Natural Gas Storage Report 12-08-16


Natural gas prices closed lower on Wednesday, reversing gains after nearing a two-year high. Natural gas prices have rallied to the highest level since December 2014 as weather forecasts have shown below-average temperatures coming in across the country. Natural gas is used to heat homes and sees a boost in prices when winter weather drives up demand for heating.

The enthusiasm for natural gas took a breather as some natural gas traders took profits and awaited further clues for demand in the coming months.

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Wholesale contracts for January delivery settled down 3.2 cents, or 0.9%, to $3.603 a million British thermal units on the New York Mercantile Exchange, after trading as high as $3.748/mmBtu earlier in the session.

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Should weather forecasts turn warmer, high levels of storage may be cause for concern, and put pressure on natural gas prices, analysts said.

See a recap of previous weeks EIA storage reports here.

EIA Natural Gas Storage Report 12-08-16

Working gas in storage was 3,953 Bcf as of Friday, December 2, 2016, according to EIA estimates. This represents a net decline of 42 Bcf from the previous week. Stocks were 51 Bcf higher than last year at this time and 254 Bcf above the five-year average of 3,699 Bcf. At 3,953 Bcf, total working gas is above the five-year historical range.

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Analysts expected a draw of 43 bcf. As of 10:33 ET, natural gas futures were trading higher by 1.8% to $3.667.

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Have you reviewed your energy plan and locked in your Winter pricing?

You can start ( here ).

Review a recap of previous weeks EIA Natural Gas inventory Reports.

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