By Warm weather across the United States is expected to result in a rise in natural-gas inventories, according to a survey conducted by The Wall Street Journal. The Energy Information Administration (EIA) is projected to report a 34 billion cubic feet increase in gas storage for the week ending November 10th. The average forecast of 11 analysts, brokers, and traders suggests estimates ranging from a 48 Bcf increase to a 20 Bcf decline.
The anticipated inventory build follows a small draw on stocks the previous week due to colder weather driving up heating demand. The EIA had not released its natural-gas storage report last week due to a system upgrade and is expected to include information for the week ending November 3rd in its forthcoming report on Thursday.
As of October 27th, natural gas in underground storage in the lower 48 states was reported to be at 3.78 trillion cubic feet, which represents a 5.7% increase compared to the five-year average, as stated by the EIA.
Recently, natural-gas futures for December were up by 4% at $3.231.
Written by Anthony Harrup
Comments