5
 

Natural gas gains on talk of falling U.S. supplies, weather reports

By Investing.com  |  Commodities News  |  Mar 18, 2013 06:11PM GMT  |   Add a Comment
 
AA
+
-
Investing.com - Natural gas futures rallied on Monday amid sentiments that weeks of colder-than-normal temperatures across much of the U.S. coupled with talk of a late end to winter will chip away at the country's stockpiles and push up prices.

Natural gas gains on talk of falling U.S. supplies, weather reports
On the New York Mercantile Exchange, natural gas futures for delivery in April traded at USD3.913 per million British thermal units, up 1.07%.

The commodity hit a session low of USD3.889 and a high of USD3.965.

Weather forecasting models continue to call for chilly temperatures sticking around for the heavily populated eastern half of the U.S. in the next six to ten days.

Industry weather group MDA Weather Services forecasted below-normal temperatures to keep their grip for most of the country for the rest of March.

The heating season from November through March is the peak demand period for U.S. gas consumption. Nearly 50% of all U.S. households use gas for heating.

Last week's official inventory data surprised markets on the upside, and talk of even further dwindling push up prices on Monday.

The U.S. Energy Information Administration said in its weekly report on Thursday that natural gas storage in the U.S. in the week ended March 8 fell by 145 billion cubic feet, compared to expectations for a drop of 134 billion cubic feet.

Inventories fell by 66 billion cubic feet in the same week a year earlier, while the five-year average change for the week represented a decline of 74 billion cubic feet.

Total U.S. natural gas storage stood at 1.938 trillion cubic feet as of last week. Stocks were 440 billion cubic feet less than last year at this time and 198 billion cubic feet above the five-year average of 1.740 trillion cubic feet for this time of year.

The report showed that in the East Region, stocks were 38 billion cubic feet above the five-year average, following net withdrawals of 92 billion cubic feet.

Stocks in the Producing Region were 85 billion cubic feet above the five-year average of 684 billion cubic feet after a net withdrawal of 48 billion cubic feet.

U.S. Elsewhere on the NYMEX, light sweet crude oil futures for delivery in April were up 0.09% and trading at USD93.53 a barrel, while heating oil futures for April delivery were down 0.62% and trading at USD2.9207 per gallon.









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.

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.

Total
 
 
 
Are you sure you want to delete this chart?
 
 
 
Are you sure you want to delete this chart?
 
 
 

Successfully Reported

Thank you. This comment has been flagged for a moderator.
_touchLoadingMsg