Natural Gas Falls 4% as Mild Weather Curbs Demand - The Wall Street Journal
Natural Gas Falls 4% as Mild Weather Curbs Demand - WSJ
Updated Sept. 20, 2023 2:53 pm ET
1451 ET – Natural gas prices fall 4% to finish at $2.733/mmBtu in a back-and-forth trading market that continues to see large price swings in both direction that always end up offsetting each other. Today’s declines may be the result of mild weather curbing demand. But they also might be a strategic, speculative move ahead of tomorrow’s EIA storage data that could see another reduction in an inventory surplus which could then trigger buying of the commodity. A WSJ survey forecasts a small, 67 billion cubic feet injection that would be considerably below the average 84-bcf rise and would trim a surplus to just 6.0% above normal from the current overhang that’s 6.8% above normal. ( dan.molinski@wsj.com)
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