Natural Gas Futures Rise on Bullish Storage Draw - The Wall Street Journal
Natural Gas Futures Rise on Bullish Storage Draw - WSJ
Dec. 8, 2023 9:26 am ET
0853 ET – Natural gas futures turn higher, consolidating after yesterday’s lift from an above-estimate gas storage draw. The 117 Bcf draw on underground storage in the week ended Dec. 1 reduced the supply surplus, but is expected to be followed in coming weeks by smaller-than-average withdrawals given the outlook for a mild December, which would limit demand. Overnight weather forecasts do nothing to change that view. “Surpluses are likely to increase to near +350 Bcf by late December, then with the potential to increase further if colder/bluer weather maps don’t arrive to start January,” forecaster NatGasWeather.com says in a note. Gas for January delivery is up 0.5% at $2.599/mmBtu. ( anthony.harrup@wsj.com)
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