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Barchart
Barchart
Rich Asplund

Nat-Gas Prices Rally on a Larger EIA Storage Draw

January Nymex natural gas (NGF26) on Wednesday closed up by +0.077 (+1.72%).

Dec nat-gas prices moved higher on Wednesday after weekly nat-gas storage fell more than expected.  The EIA reported that nat-gas inventories fell -11 bcf in the week ended November 21, a larger draw than expectations of -9 bcf.  Nat-gas prices extended their gains on Wednesday due to colder US weather forecasts, potentially boosting nat-gas heating demand.  Forecaster Atmospheric G2 said Wednesday that forecasts shifted colder in the eastern and southern US for December 1-5, and turned colder in the eastern and northern US for December 6-10.  

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