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Barchart
Barchart
Rich Asplund

Nat-Gas Prices Surge on a Smaller Build in Weekly EIA Inventories

November Nymex natural gas (NGX23) on Thursday closed +0.204 (+6.89%).

Nat-gas prices on Thursday surged to an 8-1/2 month nearest-futures high and closed sharply higher on a smaller-than-expected gain in weekly EIA nat-gas inventories.   EIA nat-gas inventories rose +86 bcf, below expectations of +94 bcf.  Nat-gas also has support on the outlook for colder U.S. temperatures to boost heating demand for nat-gas.  Forecaster Maxar Technologies said forecasts shifted cooler for the eastern U.S. from October-14-18, and Atmospheric G2 said "a complex frontal system" will drive cooler-than-average weather into the central, southern, and eastern U.S. into mid-October.  

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