Natural gas futures jumped up in afternoon trading on Wednesday, just shy of 18-month highs hit earlier after weather models indicated the temperatures in the first week of April will remain below normal.
On the New York Mercantile Exchange, natural gas futures for delivery in May traded at USD4.087 per million British thermal units, up 2.39%.
The commodity hit a session low of USD3.983 and a high of USD4.101.
Weather forecasting models that called for a chilly end to March extended their frigid forecasts to early April.
MDA Weather Services, for example, predicted below-normal temperatures to stick around over a large portion of the eastern half of the United States through April 10, which pushed up natural gas prices to near 18-month highs.
Markets were eagerly waiting official supply data due for release on Thursday, and hopes were high for more bullish supply data than in last week's report.
The U.S. Energy Information Administration said in its weekly report last week that natural gas storage in the U.S. in the week ended March 15 fell by 62 billion cubic feet, short of market expectations for a drop of 70 billion cubic feet.
Inventory withdrawals were flat in the same week a year earlier, while the five-year average change for the week is a decline of 26 billion cubic feet.
Total U.S. natural gas storage stood at 1.876 trillion cubic feet as of last week. Stocks were 502 billion cubic feet less than last year at this time and 162 billion cubic feet above the five-year average of 1.714 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 21 billion cubic feet above the five-year average, following net withdrawals of 47 billion cubic feet.
Stocks in the Producing Region were 63 billion cubic feet above the five-year average of 691 billion cubic feet after a net withdrawal of 15 billion cubic feet.
U.S. Elsewhere on the NYMEX, light sweet crude oil futures for delivery in May were up 0.21% and trading at USD96.54 a barrel, while heating oil futures for May delivery were up 1.17% at USD3.0340 per gallon. - investing.com
On the New York Mercantile Exchange, natural gas futures for delivery in May traded at USD4.087 per million British thermal units, up 2.39%.
The commodity hit a session low of USD3.983 and a high of USD4.101.
Weather forecasting models that called for a chilly end to March extended their frigid forecasts to early April.
MDA Weather Services, for example, predicted below-normal temperatures to stick around over a large portion of the eastern half of the United States through April 10, which pushed up natural gas prices to near 18-month highs.
Markets were eagerly waiting official supply data due for release on Thursday, and hopes were high for more bullish supply data than in last week's report.
The U.S. Energy Information Administration said in its weekly report last week that natural gas storage in the U.S. in the week ended March 15 fell by 62 billion cubic feet, short of market expectations for a drop of 70 billion cubic feet.
Inventory withdrawals were flat in the same week a year earlier, while the five-year average change for the week is a decline of 26 billion cubic feet.
Total U.S. natural gas storage stood at 1.876 trillion cubic feet as of last week. Stocks were 502 billion cubic feet less than last year at this time and 162 billion cubic feet above the five-year average of 1.714 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 21 billion cubic feet above the five-year average, following net withdrawals of 47 billion cubic feet.
Stocks in the Producing Region were 63 billion cubic feet above the five-year average of 691 billion cubic feet after a net withdrawal of 15 billion cubic feet.
U.S. Elsewhere on the NYMEX, light sweet crude oil futures for delivery in May were up 0.21% and trading at USD96.54 a barrel, while heating oil futures for May delivery were up 1.17% at USD3.0340 per gallon. - investing.com
These tips are very useful for traders. Max Commodity also give the MCX commodities basically gold, silver, zinc, copper, lead, Natural Gas Updates based Technical Analysis, you can consider this is a trail calls and you can know the current market trends.
ReplyDeleteKnow more...