Online:
Visits:
Stories:
Profile image
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

MTECHTIPS:-Natural gas futures fluctuate in subdued trade ahead of storage data

Thursday, February 26, 2015 1:28
% of readers think this story is Fact. Add your two cents.

(Before It's News)

U.S. natural gas prices fluctuated between gains and losses on Wednesday, as market participants looked ahead to fresh weekly information on U.S. gas inventories to gauge the strength of demand for the heating fuel. On the New York Mercantile Exchange, natural gas for delivery in April shed 0.4 cents, or 0.14%, to trade at $2.885 per million British thermal units during U.S. morning hours. Prices traded in a range between $2.870 and $2.914. A day earlier, natural gas for delivery in April shed 0.4 cents, or 0.14%, to settle at $2.889. Futures were likely to find support at $2.839 per million British thermal units, the low from February 24, and resistance at $3.045, the high from February 23. The Energy Information Administration’s storage report slated for release on Thursday is expected to show a withdrawal of approximately 230 billion cubic feet for the week ending February 20, as a recent cold blast stoked heating demand. The five-year average change for the week is a decline of 131 billion cubic feet, while supplies fell by 117 billion the same time last year. Prices of the heating fuel have been well supported in recent sessions as forecasts for freezing weather across large parts of the U.S. boosted expectations for much higher heating demand. Bullish speculators are betting on the frigid weather boosting winter demand for the heating fuel. The heating season from November through March is the peak demand period for U.S. gas consumption. Despite recent gains, futures remain vulnerable to losses in the near-term amid speculation supplies are more than ample to meet demand. Total U.S. natural gas storage stood at 2.157 trillion cubic feet as of last week, 2.8% above the five-year average for this time of year.

 

Report abuse

Comments

Your Comments
Question Razz Sad Evil Exclaim Smile Redface Biggrin Surprised Eek Confused Cool LOL Mad Twisted Rolleyes Wink Idea Arrow Neutral Cry Mr. Green

Top Stories
Recent Stories

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.