Investing.com - U.S. natural gas futures rebounded from the previous session's losses on Wednesday, as market players monitored near-term weather forecasts to gauge the strength of demand for the fuel ahead of Thursday’s closely-watched supply report.
On the New York Mercantile Exchange, natural gas for delivery in November traded at $3.842 per million British thermal units during U.S. morning hours, up 2.5 cents, or 0.67%.
A day earlier, natural gas prices fell to $3.806, the lowest since September 12, before settling at $3.816, down 10.0 cents, or 2.55%.
Futures were likely to find support at $3.786 per million British thermal units, the low from September 12 and resistance at $3.955, the high from October 14.
The U.S. Energy Information Administration’s weekly storage report slated for release on Thursday is expected to show an increase of 98 billion cubic feet for the week ending October 10.
Inventories rose by 79 billion cubic feet in the same week a year earlier, while the five-year average change is a build of 78 billion cubic feet.
Injections of gas into storage have surpassed the five-year average for 25 consecutive weeks, alleviating concerns over tightening supplies.
Total U.S. natural gas storage stood at 3.205 trillion cubic feet as of last week, narrowing the deficit to the five-year average to 11% from a record 54.7% at the end of March.
Elsewhere on the Nymex, crude oil for delivery in November lost $1.25, or 1.53%, to trade at $80.59 a barrel, while heating oil for November delivery slumped 1.11% to trade at $2.444 per gallon.