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Wednesday, 28 January 2015
NG MIDNIGHT REPORT 1.45 AM
© Reuters. Natural gas futures rally on Northeast blizzard demand
Investing.com - U.S. natural gas prices rebounded on Tuesday, as snowfall in the heavily populated Northeast region boosted near-term demand expectations.
On the New York Mercantile Exchange, natural gas for delivery in March jumped 7.4 cents, or 2.62%, to trade at $2.923 per million British thermal units during U.S. morning hours, after hitting a daily high of $2.954.
A day earlier, natural gas lost 11.0 cents, or 3.72%, to settle at $2.848.
Futures were likely to find support at $2.762 per million British thermal units, the low from January 22, and resistance at $2.967, the high from January 23.
The National Weather Service said that parts of Connecticut, Maine, Massachusetts, New Hampshire, New York and Rhode Island have seen more than a foot of snow as of Tuesday morning.
The agency added that a blizzard warning remained in effect for parts of six states from eastern Long Island to southern and eastern New England. The blizzard warning for New York City was changed to a winter storm warning Tuesday morning.
Natural gas prices have been extremely volatile in recent sessions as investors react to daily changes in weather patterns. Futures have either gained or declined more than 5% in eight of the past 11 trading days.
Prices are down almost 35% since mid-November as an unusually mild start to winter limited demand while production soared.
Natural gas storage in the U.S. fell by 216 billion cubic feet last week, below expectations for a decline of 227 billion and compared to a drop of 236 billion in the preceding week.
Total U.S. natural gas storage stood at 2.637 trillion cubic feet, 8.2% above year-ago levels and 5.5% below the five-year average for this time of year.
Elsewhere on the Nymex, crude oil for delivery in March tacked on 32 cents, or 0.71%, to trade at $45.47 a barrel, while heating oil for March delivery inched down 0.51% to trade at $1.606 per gallon.
On the New York Mercantile Exchange, natural gas for delivery in March jumped 7.4 cents, or 2.62%, to trade at $2.923 per million British thermal units during U.S. morning hours, after hitting a daily high of $2.954.
A day earlier, natural gas lost 11.0 cents, or 3.72%, to settle at $2.848.
Futures were likely to find support at $2.762 per million British thermal units, the low from January 22, and resistance at $2.967, the high from January 23.
The National Weather Service said that parts of Connecticut, Maine, Massachusetts, New Hampshire, New York and Rhode Island have seen more than a foot of snow as of Tuesday morning.
The agency added that a blizzard warning remained in effect for parts of six states from eastern Long Island to southern and eastern New England. The blizzard warning for New York City was changed to a winter storm warning Tuesday morning.
Natural gas prices have been extremely volatile in recent sessions as investors react to daily changes in weather patterns. Futures have either gained or declined more than 5% in eight of the past 11 trading days.
Prices are down almost 35% since mid-November as an unusually mild start to winter limited demand while production soared.
Natural gas storage in the U.S. fell by 216 billion cubic feet last week, below expectations for a decline of 227 billion and compared to a drop of 236 billion in the preceding week.
Total U.S. natural gas storage stood at 2.637 trillion cubic feet, 8.2% above year-ago levels and 5.5% below the five-year average for this time of year.
Elsewhere on the Nymex, crude oil for delivery in March tacked on 32 cents, or 0.71%, to trade at $45.47 a barrel, while heating oil for March delivery inched down 0.51% to trade at $1.606 per gallon.
Friday, 23 January 2015
NG MID NIGHT REPORT 1.20AM
Natural gas futures plunge 5% after bearish storage data
U.S. natural gas futures extend losses after bearish storage report
Investing.com - Natural gas futures plunged 5% on Thursday, after data showed that U.S. natural gas supplies fell less than forecast last week, underlining concerns over weak demand.
On the New York Mercantile Exchange, natural gas for delivery in February tumbled 13.0 cents, or 4.35%, to trade at $2.844 per million British thermal units during U.S. morning hours. Prices were at $2.903 prior to the release of the supply data.
Futures were likely to find support at $2.795 per million British thermal units, the low from January 13, and resistance at $3.228, the high from January 16.
The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended January 16 fell by 216 billion cubic feet, below expectations for a decline of 227 billion and compared to a drop of 236 billion in the previous week.
Inventories fell by 133 billion cubic feet in the same week a year earlier, while the five-year average change is a drop of 176 billion cubic feet.
Total U.S. natural gas storage stood at 2.637 trillion cubic feet. Stocks were 199 billion cubic feet higher than last year at this time and 153 billion cubic feet below the five-year average of 2.790 trillion cubic feet for this time of year.
A day earlier, natural gas surged 14.3 cents, or 5.05%, to settle at $2.974 as investors reacted to daily changes in weather patterns.
Updated weather forecasting models for the lower 48 U.S. states continued to call for mostly seasonal temperatures from January 22 to January 29.
However, extended forecasts showed lower readings were expected for most of the nation from January 30 through February 3.
Bullish speculators are betting on the cooler weather to increase winter-heating demand for the fuel.
The heating season from November through March is the peak demand period for U.S. gas consumption.
Natural gas prices are down almost 37% since mid-November as an unusually mild start to winter limited demand while production soared.
Elsewhere on the Nymex, crude oil for delivery in March fell 53, or 1.11%, to trade at $47.25 a barrel, while heating oil for February delivery inched down 0.01% to trade at $1.646 per gallon.
On the New York Mercantile Exchange, natural gas for delivery in February tumbled 13.0 cents, or 4.35%, to trade at $2.844 per million British thermal units during U.S. morning hours. Prices were at $2.903 prior to the release of the supply data.
Futures were likely to find support at $2.795 per million British thermal units, the low from January 13, and resistance at $3.228, the high from January 16.
The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended January 16 fell by 216 billion cubic feet, below expectations for a decline of 227 billion and compared to a drop of 236 billion in the previous week.
Inventories fell by 133 billion cubic feet in the same week a year earlier, while the five-year average change is a drop of 176 billion cubic feet.
Total U.S. natural gas storage stood at 2.637 trillion cubic feet. Stocks were 199 billion cubic feet higher than last year at this time and 153 billion cubic feet below the five-year average of 2.790 trillion cubic feet for this time of year.
A day earlier, natural gas surged 14.3 cents, or 5.05%, to settle at $2.974 as investors reacted to daily changes in weather patterns.
Updated weather forecasting models for the lower 48 U.S. states continued to call for mostly seasonal temperatures from January 22 to January 29.
However, extended forecasts showed lower readings were expected for most of the nation from January 30 through February 3.
Bullish speculators are betting on the cooler weather to increase winter-heating demand for the fuel.
The heating season from November through March is the peak demand period for U.S. gas consumption.
Natural gas prices are down almost 37% since mid-November as an unusually mild start to winter limited demand while production soared.
Elsewhere on the Nymex, crude oil for delivery in March fell 53, or 1.11%, to trade at $47.25 a barrel, while heating oil for February delivery inched down 0.01% to trade at $1.646 per gallon.
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Wednesday, 14 January 2015
Natural gas mid night report 12.25am
Natural gas
Natural gas futures bounce off 2-year low
On the New York Mercantile Exchange, natural gas for delivery in February rallied 7.9 cents, or 2.83%, to trade at $2.874 per million British thermal units during U.S. morning hours.
A day earlier, natural gas hit $2.783, a level not seen since September 2012, before settling at $2.795, down 15.1 cents, or 5.13%, as forecasts showed a return to milder weather in the second half of January.
Futures were likely to find support at $2.783 per million British thermal units, the low from January 12, and resistance at $2.990, the high from January 9.
Natural gas prices are down nearly 38% since mid-November as soaring domestic production has been met with weak demand amid an unusually mild start to winter thus far this season.
Gains were likely to remain limited as updated weather forecast models showed mild temperatures were expected for most of the nation from January 16 through January 20.
The heating season from November through March is the peak demand period for U.S. gas consumption.
Meanwhile, the U.S. Energy Information Administration's next storage report is slated for release on Thursday, January 15, with analysts expecting a decline of 192 billion cubic feet for the week ending January 9.
Inventories fell by 268 billion cubic feet in the same week a year earlier, while the five-year average change is a drop of 190 billion cubic feet. Natural gas storage in the U.S. fell by 131 billion cubic feet last week.
Total U.S. natural gas storage stood at 3.089 trillion cubic feet, 7.4% above year-ago levels and 2.1% below the five-year average for this time of year.
Elsewhere on the Nymex, crude oil for delivery in February sank $1.34, or 2.92%, to trade at $44.73 a barrel, while heating oil for February delivery slumped 2.42% to trade at $1.614 per gallon.
Tuesday, 13 January 2015
NATURAL GAS MIDNIGHT REPORT 1:40 AM
Investing.com - U.S. natural gas prices were down sharply on Monday, as forecasts showed a return to milder weather in the second half of January after a polar blast last week.
On the New York Mercantile Exchange, natural gas for delivery in February tumbled 10.7 cents, or 3.65%, to trade at $2.839 per million British thermal units during U.S. morning hours, after hitting a daily low of $2.832.
On Friday, natural gas tacked on 1.9 cents, or 0.65%, to settle at $2.946. Despite Friday's gains, Nymex natural gas prices lost 5.7 cents, or 1.89%, on the week, the seventh consecutive weekly decline.
Futures were likely to find support at $2.816 per million British thermal units, the low from January 8, and resistance at $2.990, the high from January 9.
Updated weather forecast models continued to call for frigid temperatures in the key Northeast and Midwest markets in the next three days, boosting near-term demand expectations for the heating fuel.
However, extended forecasts showed higher readings were expected for most of the nation from January 16 through January 20.
The heating season from November through March is the peak demand period for U.S. gas consumption.
Meanwhile, the U.S. Energy Information Administration's next storage report is slated for release on Thursday, January 15, with analysts expecting a decline of 192 billion cubic feet for the week ending January 9.
Inventories fell by 268 billion cubic feet in the same week a year earlier, while the five-year average change is a drop of 190 billion cubic feet. Natural gas storage in the U.S. fell by 131 billion cubic feet last week.
Total U.S. natural gas storage stood at 3.089 trillion cubic feet, 7.4% above year-ago levels and 2.1% below the five-year average for this time of year.
Natural gas prices are down almost 38% since mid-November as an unusually mild start to winter limited demand while production soared.
Elsewhere on the Nymex, crude oil for delivery in February sank $2.20, or 4.55%, to trade at $46.16 a barrel, while heating oil for February delivery slumped 2.4% to trade at $1.662 per gallon.
Thursday, 8 January 2015
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