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Natural-Gas Futures Settle Higher Following Storage Draw - Barron's

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Natural-Gas Futures Settle Higher Following Storage Draw

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Last Updated:
Dec. 28, 2023 at 3:24 PM EST Live Coverage Feed

31 min ago

Natural-gas futures extend gains after the EIA reports an above-estimate draw on inventories for last week.

The EIA said natural gas in underground storage fell by 87 billion cubic feet in the week ended Dec. 22 to 3,490 Bcf, which is 316 Bcf above the five-year average but within the five-year historical range.

Expectations in a Wall Street Journal survey of analysts were for a reduction in storage of 78 Bcf.

"It's the second bullish miss in a row and suggests production is weaker than stated, demand stronger, or both," forecaster NatGasWeather.com says in a note.

Natural gas for February delivery settles up 4.9% at $2.557/mmBtu.

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