Having gained over 5 cents yesterday as the new front month contract, NYMEXJanuary 2018 natural gas futures were lower ahead of Thursday's open and themorning release of the weekly storage data. At 6:45 am ET (1145 GMT), thecontract was down 8.2 cents to $3.097/MMBtu. The market is awaiting the release of storage data from the US EnergyInformation Administration at 10:30 am ET that is likely to detail awithdrawal below historical averages as generally mild weather and subduedThanksgiving-holiday demand likely kept a lid of the amount of natural gaspulled from inventories. For the week ended November 24, market participants surveyed by S&P GlobalMarket Intelligence are looking for a withdrawal from 30 Bcf to 47 Bcf, withconsensus formed at a 38 Bcf pull. This will compare to a 43 Bcf year-ago pulland the 47 Bcf five-year average withdrawal. Total working gas stocks currently sit at 3,726 Bcf, or 319 Bcf below theyear-ago level and 121 Bcf below the five-year average of 3,847 Bcf, followinga 46 Bcf draw reported by the EIA for the week ended November 17.
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Meanwhile, revised National Weather Service forecasts show below-averagetemperatures overtaking a few parts of the West and a majority of thecountry's eastern two-thirds through both the upcoming six-to-10-day andeight-to-14-day periods, confining the scope of above-average temperatures toportions of the West and much of the Northeast in the shorter-range view andto most of the West in the longer-range view. Average temperatures settle overthe balance of the country.
--Staff reports, email@example.com
--Edited by Maurice Geller, firstname.lastname@example.org