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Barchart
Rich Asplund

Nat-Gas Prices Soar as Weekly EIA Inventories Unexpectedly Decline

EIA Nymex United States Natural Gas BNEF

December Nymex natural gas (NGZ24) on Thursday closed sharply higher by +0.146 (+4.57%)

Dec nat-gas prices Thursday extended this week's sharp rally to a 1-year nearest-futures high.  An unexpected decline in weekly EIA nat-gas supplies was bullish for prices when the EIA reported nat-gas inventories the week ended November 15 fell -3 bcf when expectations were for an increase of +1 bcf.   Also, the outlook for sharply colder temperatures toward the end of the month that will boost heating demand for nat-gas is pushing prices sharply higher.  Forecaster Maxar Technologies said Thursday that forecasts shifted colder for much of the US for the December 1-5 period.  

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