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Profit takers punish natural gas

Published Oct 26, 2012 07:31AM ET
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Investing.com - Natural gas futures continued the selloff during the European session Friday,  as profit takers punished the commodity despite Thursday’s report from  the U.S. Energy Information Administration indicating U.S. gas supplies rose broadly in line with market expectations last week.
 
On the New York Mercantile Exchange, natural gas futures for delivery in November traded at USD3.386 per million British thermal units during European action, plunging 1.38%.       

On Thursday, the U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended October 19 rose by 67 billion cubic feet, in line with market expectations.

Inventories rose by 95 billion cubic feet in the same week a year earlier, while the five-year average change for the week is an increase of 65 billion cubic feet, according to U.S. Energy Department data.

Total U.S. natural gas storage stood at 3.843 trillion cubic feet as of last week. Stocks were 153 billion cubic feet higher than last year at this time and 251 billion cubic feet above the five-year average of 3.592 trillion cubic feet for this time of year.

U.S. natural gas stocks peaked at a record 3.852 trillion cubic feet in November of last year.

The report showed that in the East Region, stocks were 44 billion cubic feet above the five-year average, following a net injection of 28 billion cubic feet. 

Stocks in the Producing Region were 158 billion cubic feet above the five-year average of 1.096 billion cubic feet, after a net injection of 28 billion cubic feet.

Meanwhile, market players continued to monitor shifting weather forecasts over the next few weeks to gauge the strength of early-Autumn U.S. heating demand.  

Updated weather forecasts issued Wednesday pointed to mild temperatures across most parts of the U.S. in the next six-to-ten days, reducing early-Autumn heating demand. 

Forecasts had previously called for colder-than-normal temperatures during the period.

Natural gas futures often reach a seasonal low in October, when mild weather reduces demand, before recovering in the winter, when heating-fuel use peaks.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in December fell 0.66% to trade at USD85.48 a barrel.





 
Profit takers punish natural gas
 

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