Natural gas wholesale contracts rose for the first time in four sessions on Wednesday, bouncing off the lowest level since November as traders looked ahead to weekly storage data to gauge supply and demand levels.
Natural gas prices of the heating fuel sank to $2.887 on Tuesday, a level not seen since November 21, amid forecasts for warmer weather in key regions across the U.S. during the next few weeks.
The natural-gas market is on the defensive in recent days after forecasting models showed cold air exiting the Northeast, with the updated 6-10 day forecast looking warmer than a day ago.
Natural gas prices of the heating fuel are down almost 21% since the start of the year as forecasts for warm winter weather weighed on heating demand expectations.
Natural gas markets have been volatile in recent weeks, changing course rapidly in response to shifting outlooks in short-term weather patterns.
"
Natural gas for March delivery on the New York Mercantile Exchange rose 2.0 cents, or around 0.6%, to $2.925 per million British thermal units, after losing 3.9 cents, or 1.3%, a day earlier.
"
The natural-gas market is on the defensive in recent days after forecasting models showed cold air exiting the Northeast, with the updated 6-10 day forecast looking warmer than a day ago.
Natural gas prices of the heating fuel are down almost 21% since the start of the year as forecasts for warm winter weather weighed on heating demand expectations.
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 02-16-17
Working gas in storage was 2,445 Bcf as of Friday, February 10, 2017, according to EIA estimates. This represents a net decrease of 114 Bcf from the previous week. Stocks were 303 Bcf less than last year at this time and 87 Bcf above the five-year average of 2,358 Bcf. At 2,445 Bcf, total working gas is within the five-year historical range.
"
Analysts expected that utilities pulled 119 billion cubic feet of gas from storage during the week ended Feb. 10. As of 10:32 ET, natural gas futures were trading lower by 1.6% to $2.878.
"
Have you reviewed your energy plan and locked in your Energy pricing?
You can start ( here ).
Review a recap of previous weeks EIA Natural Gas inventory Reports.
Live market data