We have updated our privacy policy and terms & conditions. Find out more here.

Natural gas bullishness continues on storage data

CommoditiesNov 21, 2012 08:59PM GMT Add a Comment
Share with a Friend
Thanks for sharing
Emails have been sent to:
To send more emails click here

Investing.com - Natural gas futures surged higher during U.S. afternoon trade on Wednesday, as traders turned bullish after the release of supply data.

On the New York Mercantile Exchange, natural gas futures for delivery in December traded at USD3.906 per million British thermal units during U.S. afternoon trade, soaring 1.94%.       

Sparking the bullish buying, U.S. natural gas storage fell more-than-expected last month, official data showed on Wednesday.

In a report, Energy Information Administration said that U.S. Natural Gas Storage fell to a seasonally adjusted annual rate of -38B, from -18B in the preceding month.

Analysts had expected U.S. Natural Gas Storage to fall -24B last month.

The U.S. Energy Information Administration said last week that natural gas storage in the U.S. fell by 18 billion cubic feet 3.911 trillion. It was the earliest seasonal decline since 2007. 

Stocks were 5.6% above the five-year average for the week. In March, after an exceptionally warm winter, stockpiles were approximately 60% above five-year levels.

Meanwhile, updated weather forecasts showed that warmer-than-normal temperatures will descend on the U.S. in the next three-to-five days, with mostly seasonally normal weather the following week. 

The heating season from November through March is the peak demand period for U.S. gas consumption.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in January fell 1.2% to trade at USD88.19 a barrel, while heating oil for December delivery shed 0.4% to trade at USD3.062 per gallon.

Natural gas bullishness continues on storage data

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Crude Oil
Are you sure you want to delete this chart?
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?

Successfully Reported

Thank you. This comment has been flagged for a moderator.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.