NATURAL GAS REPORT

 

Natural Gas

 

---

4.268-0.144  (-3.26%)

19:32:33 GMT - Real-time CFD Data

Technical Summary

5 mins: Strong Sell

Hourly: Strong Sell

Daily: Strong Buy

Monthly: Neutral

Add your sentiment:

or

futures edged lower on Monday after updated weather-forecasting models reported that an impressive blast of cold air due to trek across the U.S. this week might not push as far south as once anticipated.

Natural gas prices dip as arctic storm may spare southern U.S. states

On the New York Mercantile Exchange, natural gas futures for delivery in December were down 1.02% at $4.367 per million British thermal units during U.S. trading. The commodity hit a session low of $4.314, and a high of $4.543.
The December contract settled up 0.18% on Friday to end at $4.412 per million British thermal units.
Natural gas futures were likely to find support at $4.111 per million British thermal units, Thursday's low, and resistance at $4.543, the earlier high.
A powerful blast of arctic air will drive demand for heating, though southern states may miss the storm and see mild temperatures instead.
"The effects of this cold outbreak would be more impressive if the core of the coldest temperatures impacted higher populations instead of initially occurring over low population nat gas use states. It will be quite mild over the Southeast and East again tomorrow as they wait the arrival of the cold front later in the week, lessening the impacts on this week's draw as they will get recycled cold air instead of the more pure Arctic blast," Natgasweather.com reported in its Monday midday update.
"We are still expected additional very cold northern Canadian blasts to again sweep into the north-central U.S. next week, which will lead to another round of strong heating demand for many U.S. regions. This will continue to drive strong bullish weather sentiment and another stronger than normal weekly draw. The markets appear to be taking the spike higher as an opportunity to take profits."
Investors also continued to digest last week's supply report.
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 Oct. 31 rose by 91 billion cubic feet, above expectations for an increase of 85 billion and compared to a gain of 87 billion in the previous week.
Inventories rose by 35 billion cubic feet in the same week a year earlier, while the five-year average change is a build of 42 billion cubic feet.
Injections of gas into storage have surpassed the five-year average for 29 consecutive weeks, alleviating concerns over tightening supplies.
Total U.S. natural gas storage stood at 3.571 trillion cubic feet. Stocks were 238 billion cubic feet less than last year at this time and 261 billion cubic feet below the five-year average of 3.790 trillion cubic feet for this time of year.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in December were down 1.22% at $77.69 a barrel, while heating oil for December delivery were down 0.71% at $2.4819 per gallon.

MARKETS VIEW

 

Natural Gas

 

---

4.268-0.144  (-3.26%)

19:32:33 GMT - Real-time CFD Data

Technical Summary

5 mins: Strong Sell

Hourly: Strong Sell

Daily: Strong Buy

Monthly: Neutral

Add your sentiment:

or

futures edged lower on Monday after updated weather-forecasting models reported that an impressive blast of cold air due to trek across the U.S. this week might not push as far south as once anticipated.

Natural gas prices dip as arctic storm may spare southern U.S. states

On the New York Mercantile Exchange, natural gas futures for delivery in December were down 1.02% at $4.367 per million British thermal units during U.S. trading. The commodity hit a session low of $4.314, and a high of $4.543.
The December contract settled up 0.18% on Friday to end at $4.412 per million British thermal units.
Natural gas futures were likely to find support at $4.111 per million British thermal units, Thursday's low, and resistance at $4.543, the earlier high.
A powerful blast of arctic air will drive demand for heating, though southern states may miss the storm and see mild temperatures instead.
"The effects of this cold outbreak would be more impressive if the core of the coldest temperatures impacted higher populations instead of initially occurring over low population nat gas use states. It will be quite mild over the Southeast and East again tomorrow as they wait the arrival of the cold front later in the week, lessening the impacts on this week's draw as they will get recycled cold air instead of the more pure Arctic blast," Natgasweather.com reported in its Monday midday update.
"We are still expected additional very cold northern Canadian blasts to again sweep into the north-central U.S. next week, which will lead to another round of strong heating demand for many U.S. regions. This will continue to drive strong bullish weather sentiment and another stronger than normal weekly draw. The markets appear to be taking the spike higher as an opportunity to take profits."
Investors also continued to digest last week's supply report.
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 Oct. 31 rose by 91 billion cubic feet, above expectations for an increase of 85 billion and compared to a gain of 87 billion in the previous week.
Inventories rose by 35 billion cubic feet in the same week a year earlier, while the five-year average change is a build of 42 billion cubic feet.
Injections of gas into storage have surpassed the five-year average for 29 consecutive weeks, alleviating concerns over tightening supplies.
Total U.S. natural gas storage stood at 3.571 trillion cubic feet. Stocks were 238 billion cubic feet less than last year at this time and 261 billion cubic feet below the five-year average of 3.790 trillion cubic feet for this time of year.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in December were down 1.22% at $77.69 a barrel, while heating oil for December delivery were down 0.71% at $2.4819 per gallon.