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Natural gas futures - weekly outlook: January 19 - 23

Published 01/18/2015, 10:54 AM
Updated 01/18/2015, 10:54 AM
© Reuters. Natural gas futures rise 5.8% last week

Investing.com - U.S. natural gas futures declined for the second consecutive session on Friday, as weather forecasts predicted temperatures across the U.S. would not be as cold as previously thought, dampening near-term demand expectations for the heating fuel.

On the New York Mercantile Exchange, natural gas for delivery in February slumped 3.1 cents, or 0.98%, on Friday to settle at $3.127 per million British thermal units by close of trade.

On Thursday, natural gas hit $3.352, the most since December 22, before settling at $3.158, down 7.5 cents, or 2.32%.

Futures were likely to find support at $2.932 per million British thermal units, the low from January 14, and resistance at $3.352, the high from January 15.

Updated weather forecasting models for the lower 48 U.S. states called for seasonal temperatures over the next two weeks. The outlook for late-January previously called for a significant cold snap.

Bearish speculators are betting on the near-normal weather reducing winter demand for the heating fuel.

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

On Thursday, the U.S. Energy Information Administration said in its weekly report that natural gas storage fell by 236 billion cubic feet last week, more than expectations for a decline of 224 billion and compared to a drop of 131 billion in the previous week.

Total U.S. natural gas storage stood at 2.853 trillion cubic feet, 11.0% above year-ago levels and 3.8% below the five-year average for this time of year.

Despite Friday's losses, Nymex natural gas prices tacked on 18.1 cents, or 5.78%, on the week, the first gain in eight weeks, as investors reacted to a cooler shift in weather patterns in first half of the week.

Natural gas soared 29.0 cents, or 9.85%, on January 14.

Natural gas prices are down almost 33% since mid-November as an unusually mild start to winter limited demand while production soared.

Elsewhere on the Nymex, crude oil for February delivery settled at $48.69 a barrel by close of trade on Friday, up 33 cents, or 0.67%, on the week.

Meanwhile, heating oil for February delivery slumped 2.52% on the week to settle at $1.661 per gallon by close of trade Friday.

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Latest comments

Storage for EIA report date 1/22/15. this weeks storage poll is for week ending 1/16 and reported by EIA on 1/22.. . . observations:. last week was our coldest week of the season to date. total heating degree days were 11 higher than the previous week and 75 higher than the same week last year. . the colder temperatures increased residential/commercial use by an estimated 14bcf.. power generation also improved by an estimated 5bcf on the week. . nuclear units continue to run near capacity. hydro is running stronger than last year. wind generation was approximately average and much lower than the week prior. . supply was approximately the same as the previous week as a slight increase in imports offset small decline in domestic output. . . . storage week total population weighted degree demand (HDD + CDD) --. last week: 252 (1cdd 251hdd). previous week: 242 (2cdd 240hdd). same week last yr: 178(2cdd 176hdd). avg: 228 (2cdd 226hdd). next wk fcst 226 (2cdd 224hdd). * source: NOAA. . . storage:. same week last yr: -133. 5-yr avg: -176. *note: avg and last year storage figures are calculated using this historical data-set provided by eia:http://ir.eia.gov/ngs/ngsstats.xls. . my current estimate is -221 bcf. Winter to Tighten Grip on Northeast, Midwest Into Late January. Kristina Pydynowski. By Kristina Pydynowski, Senior Meteorologist. January 20, 2015; 10:46 AM ET. Share | Play video. An overview of the long-range forecast for the Northeast is given in the above AccuWeather.com video.. Winter will tighten its grip on the Northeast and Midwest during late January as shots of colder air pour in.. A dip in the jet stream will allow chilly air from Canada to sink over the region, reducing the chance of any prolonged warmth from New York City to Chicago through the end of the month.. "We are seeing the northern branch of the jet stream [the driver of arctic blasts] bullying the southern branch, which will prevent warmer air from getting to the Midwest and Northeast during the next 10 days," stated AccuWeather.com Long Range Expert Paul Pastelok.. "While this limits major storms from developing, it will open the door for re-enforcing cold shots," Pastelok added.. . http://www.weatherbell.com/saturday-summary-january-17-2015. . never buy hnu hnd ung ITS A SCAM worst commodity in the world INSIDE TRADING BS AND A SCAM STAY AWAY
Mild today but yesterday was fidget... Natural gas is floating at it all time low.............
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