Leading up to todays report, Natural-gas prices rose on Wednesday, reversing the previous day’s losses in anticipation that slightly cooler temperatures will soon begin translating into more demand.
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Wholesale contracts for December delivery rose 5.5 cents, or 2.03%, to $2.7654 a million British thermal units on the New York Mercantile Exchange. That has been enough to spark some buying at current low prices, analysts said.
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Weather has been mild throughout the fall, stoking fears that demand for heating will continue to be anemic if temperatures don’t drop. And the amount of natural gas in storage is at a record high, according to the U.S. Energy Information Administration, with more additions expected in the coming weeks.
See a recap of previous weeks EIA storage reports here.
EIA Natural Gas Storage Report 11-17-16
Working gas in storage was 4,047 Bcf as of Friday, November 11, 2016, according to EIA estimates. This represents a net increase of 30 Bcf from the previous week. Stocks were 51 Bcf higher than last year at this time and 216 Bcf above the five-year average of 3,831 Bcf. At 4,047 Bcf, total working gas is above the five-year historical range.
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Analysts estimated that utilities added 31 billion cubic feet of gas into storage during the week ended November 11. As of 10:32 ET, natural gas futures were trading lower by 1.8% to $2.714.
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You can review a recap of previous weeks EIA Natural Gas inventory Reports.
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