Can Upbeat Storage Data Save Natural gas From Warm Weather’s Threat?
Nov, 03rd 15:40
U.S. natural gas futures snapped a three-day losing streak on Thursday, after government data showed that supplies of the commodity rose slightly less than forecast last week.
The U.S. Energy Information Administration reported that natural gas storage in the U.S. added 54 billion cubic feet in the week ended October 28, which is below market expectations for an increase of 55 billion cubic feet.
Total U.S. storage now stood at 3.963 trillion cubic feet, up just 1.2% from a year ago and 4.4% above the five-year average for this time of year.
Since October 18th, natural gas price has slumped by nearly 30% amid forecast that temperatures will remain at above-normal levels through at least mid-November.
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