The U.S. Energy Information Administration (EIA) reported Thursday morning that U.S. natural gas stocks increased by 32 billion cubic feet for the week ending July 31. Analysts polled by Bloomberg expected a storage injection (increase) of 40 billion cubic feet. The five-year average for the week is an increase of around 53 billion cubic feet.
Natural gas futures for September delivery traded down about six cents in advance of the EIA’s report, at around $2.75 per million BTUs, and popped higher to about $2.82 following release of the report. Last Thursday, natural gas closed at $2.78 per million BTUs and over the past five trading days, natural gas futures peaked Wednesday at around $2.86. The 52-week low for natural gas futures is $2.59. One year ago the price for a million BTUs was around $3.87.
Demand for natural gas is expected to decline as temperatures moderate across much of the more heavily populated regions of the United States. In Texas and the Southeastern states generally, high temperatures and humidity are expected to boost demand for air conditioning. By next week, higher temperatures are expected to move back over the northern portion of the country.
Read more at: http://247wallst.com/energy-economy/2015/08/06/natural-gas-price-ticks-up-on-smaller-inventory-increase/
Natural gas futures for September delivery traded down about six cents in advance of the EIA’s report, at around $2.75 per million BTUs, and popped higher to about $2.82 following release of the report. Last Thursday, natural gas closed at $2.78 per million BTUs and over the past five trading days, natural gas futures peaked Wednesday at around $2.86. The 52-week low for natural gas futures is $2.59. One year ago the price for a million BTUs was around $3.87.
Demand for natural gas is expected to decline as temperatures moderate across much of the more heavily populated regions of the United States. In Texas and the Southeastern states generally, high temperatures and humidity are expected to boost demand for air conditioning. By next week, higher temperatures are expected to move back over the northern portion of the country.
Read more at: http://247wallst.com/energy-economy/2015/08/06/natural-gas-price-ticks-up-on-smaller-inventory-increase/
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