Natural Gas Rallies on Colder Weather Forecast and Declining U.S. Storage
Jan, 26th 13:33
U.S. natural gas futures rose for the fourth day in a row on Thursday, as market participants awaited weekly data that may show a decline in U.S. storage of the commodity amidst weather forecasts pointing to colder conditions later this week.
According to latest weather forecasts, the central and eastern U.S. will experience lower temperatures later this week and the cold system may last through February 3, boosting near-term demand for the heating fuel.
Meanwhile, investors looked ahead to weekly storage data due later on the day. Analysts expect a draw in a range between 105 and 117 billion cubic feet in the week ended January 20. If confirmed, this would be the tenth consecutive weekly decline.
According to the U.S. Energy Information Administration, total natural gas in storage currently stands at 2.917 trillion cubic feet, 12.9% lower than levels at this time a year ago and around 2.6% below the five-year average for this time of year.
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