Leading up to today's report, Natural gas wholesale contracts rose for the first time in four sessions on Wednesday, bouncing off the prior day's three-week low as natural gas traders looked ahead to weekly storage data to gauge supply and demand levels.
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Natural gas for March delivery on the New York Mercantile Exchange rose more than 3% to a session high of $3.228 per million British thermal units before selling came in and the wholesale contract for March settled lower on the day. It settled at $3.168, up 5.1 cents, or around 1.7%, after falling to $3.110 on Tuesday, a level not seen since January 10. Natural gas wholesale contracts for March delivery lost 11.5 cents, or 3.6%, a day earlier.
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Natural gas prices of the fuel are down almost 7% so far this week amid forecasts for warmer weather in key regions across the U.S. during the next few weeks. Natural gas markets have been volatile in recent weeks, changing course rapidly in response to shifting outlooks in short-term weather patterns.
See a recap of previous weeks EIA storage reports here.
EIA Natural Gas Storage Report 02-02-17
Working gas in storage was 2,917 Bcf as of Friday, January 13, 2017, according to EIA estimates. This represents a net decline of 243 Bcf from the previous week. Stocks were 431 Bcf less than last year at this time and 77 Bcf below the five-year average of 2,994 Bcf. At 2,917 Bcf, total working gas is within the five-year historical range.
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Analysts estimated utilities pulled 229 billion cubic feet of gas from storage during the week ended on Jan. 13. As of 10:31 ET, natural gas futures were trading lower by 0.4% to $3.289.
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Review a recap of previous weeks EIA Natural Gas inventory Reports.
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