U.S. Natural Gas Futures Gain Ahead of Storage Data

Dow Jones
9 hours ago

1533 ET - U.S. natural gas futures settle higher for a fourth straight session as cooler weather forecasts favor early-season heating demand, which could limit storage builds for the remainder of the injection season. The EIA on Thursday is expected to report a 79 Bcf inventory build for last week, according to a WSJ survey of analysts. That would reduce the storage surplus over the five-year average for an eighth consecutive week. "After cooler trends the past few days, it's likely there won't be a [weekly] build over 100 Bcf this shoulder season," NatGasWeather.com says in a note. The market is also watching Tropical Storm Isaias that's expected to reach the U.S. Gulf coast Friday as a hurricane. The storm could affect offshore production and LNG operations, but "impacts from cooler temperatures and rain won't be as notable as they would be in July through mid-September when a tropical system would bring relief from heat," NatGasWeather.com adds. Nymex natural gas settles up 2.9% at $3.2030/mmBtu.

 

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