Lower-Than-Expected Supply Build Fails To Support Natural Gas - The Wall Street Journal
Lower-Than-Expected Supply Build Fails To Support Natural Gas - WSJ
Updated Nov. 2, 2023 10:58 am ET
1053 ET – Natural gas futures keep falling despite a lower-than-expected rise in U.S. inventories, as warmer weather forecasts threaten demand. The EIA reported an increase of 79 billion cubic feet in US stockpiles, to 3,779 bcf, which is 8.4% higher than a year ago and 5.7% above the five-year average for this time of the year. That compares to consensus forecast of 81 bcf build in a Wall Street Journal survey. Natural gas futures are down 2%, basically unchanged from before the supply data, at $3.424/mmBtu. ( paulo.trevisani@wsj.com; @ptrevisani)
Natural Gas Prices Decline Ahead of Inventories
0956 ET – Natural gas futures trade lower ahead of the weekly U.S. storage report, which is expected to show supplies remaining above the historical average. Weather forecasts call for warming trends after the current cold shot. “Wide price swings are expected across this new month as the weather factor acquires greater importance,” Ritterbusch says in a note. The December contract is down 1.7%, to $3.434/mmBtu. ( paulo.trevisani@wsj.com; @ptrevisani)
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