MTECHTIPS Natural Gas Futures Stay Lower Despite Bullish Weekly Storage Data MTECHTIPS-Natural gas futures were lower on Thursday, maintaining losses despite data showing that domestic supplies in storage fell more than forecast last week. Front-month U.S. natural gas futures shed 2.1 cents, or around 0.8%, to $2.638 per million British thermal units (btu) by 10:45 AM ET (1545 GMT). Futures were at $2.649 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. fell by 124 billion cubic feet (bcf) in the week ended Feb. 16, above forecasts for a withdrawal of 121 bcf. That compared with a decline of 194 bcf in the preceding week, a fall of 89 bcf a year earlier and a five-year average drop of 145 bcf. Total natural gas in storage currently stands at 1.760 trillion cubic feet (tcf), according to the U.S. Energy Information Administration. That figure is 609 bcf, or around 25.7%, lower than levels at this time a year ago, and 412 bcf, or roughly 19.0%, below the five-year average for this time of year. Natural gas futures settled higher for the second day in a row on Wednesday, boosted by forecasts for a bump in late-winter heating demand. MTECHTIPS-Apply For 2 Days Free Trails Equity & Commodity Tips WWW.MTECHTIPS.COM 07489294118-119
Published on Feb 23 2018 3:12PM, by MTECHTIPS in Commodity tips| Share This