x
Breaking News
0

Natural Gas Futures Soar After Largest Storage Withdrawal on Record

CommoditiesJan 11, 2018 10:47AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Natural Gas Futures Soar After Largest Storage Withdrawal on Record

Investing.com - Natural gas futures surged on Thursday, hitting their highest level in a week after data showed the largest withdrawal on record in U.S. supplies in storage.

U.S. natural gas futures jumped 9.5 cents, or around 3.3%, to $3.002 per million British thermal units by 10:45AM ET (1545GMT). Futures were at around $3.015 prior to the release of the supply data.

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. declined by 359 billion cubic feet (bcf) in the week ended Jan. 5, compared to forecasts for a withdrawal of 318 bcf.

That surpassed the record draw of 287 billion cubic feet in the week ended Jan. 10, 2014, Energy Information Administration data showed.

Total natural gas in storage currently stands at 2.767 trillion cubic feet (tcf), according to the U.S. Energy Information Administration. That figure is 415 bcf, or around 13.0%, lower than levels at this time a year ago and 382 bcf, or roughly 12.1%, below the five-year average for this time of year.

Prices have gained around 5% so far this week as investors reacted to the severe winter storm hitting much of the U.S. Eastern Seaboard.

Bullish speculators are betting that the cool weather will increase demand for the heating fuel. The heating season from November through March is the peak demand period for U.S. gas consumption.

Natural Gas Futures Soar After Largest Storage Withdrawal on Record
 

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.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • 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.

 
Are you sure you want to delete this chart?
 
Write your thoughts here
 
Replace the attached chart with a new chart ?
Post
Post also to:
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
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.
Comments
Cristian Chibato
Cristian Chibato Jan 12, 2018 1:27AM GMT
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Bull time. Bears' irrational trip is done. They're riding the short bus home
Reply
1 0
 
Are you sure you want to delete this chart?
 
 
Replace the attached chart with a new chart ?
Post 1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
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.
Continue with Google
or
Sign up with Email