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Barchart
Rich Asplund

Nat-Gas Prices Rally on Larger-Than-Expected EIA Inventory Drawdown

EIA United States Nymex BNEF Natural Gas

April Nymex natural gas (NGJ24) on Thursday closed up +0.083 (+5.01%), breaking a string of six consecutive sessions of losses.

Nat-gas prices on Thursday rallied after the EIA weekly report showed that US gas inventories fell by -9 bcf, a larger drawdown than market expectations of -2 bcf.  Nat-gas prices also saw support from short-covering after recent losses, and cooler weather forecasts.  NatGasWeather forecasted that the northern third of the US will have mild to cool weather for March 21-28.

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