Support EIA Data, Cooler Forecast Send Natural Gas Futures Sharply Higher; Cash Mixed
EIA reports larger-than-expected 91 Bcf storage withdrawal
Long-range weather forecasts add demand for next week
Cash mixed on mild near-term outlook
Natural gas bulls were on parade Thursday as the stars aligned to offer support for struggling futures prices. Thanks to lower production, a “quite strong” storage withdrawal, cooler-trending weather outlooks and solid export demand, the January Nymex futures contract settled 11.1 cents higher at $2.553. February jumped 11.4 cents to $2.570.
Spot gas prices continued to fluctuate a few cents in either direction, but large decreases were seen on the East and West coasts.
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Slightly Cooler December Outlook Boost Natural Gas Futures; Cash Higher Too
BREAKING: U.S. EIA reports a 91 Bcf withdrawal from natural gas storage inventories for the week ending Dec. 4, coming in above estimates
Cash rises on strong power burns
Natural gas futures bounced back midweek as the warmer forecast expected this month may be less intense than advertised. A tight supply/demand backdrop added support, lifting the January Nymex contract up 4.3 cents Wednesday to $2.442. February climbed 3.4 cents to $2.456.
Spot gas prices strengthened, but gains were fairly small across most of the country.
NGI’s Spot Gas National Avg. climbed 7.5 cents to $2.460.