Analysis and Recommendations: Natural Gas continued to decline as winter just won’t turn cold and storage continues to gain. NG is trading at 2.343 down
Analysis and Recommendations:
Natural Gas continued to decline as winter just won’t turn cold and storage continues to gain. NG is trading at 2.343 down by 28 points. The long-term oversupply concerns and record inventory could drag natural gas prices lower. Natural gas prices could see support at $2 per MMBtu. Prices hit this mark in October 2015. In contrast, record low natural gas prices could support consumption and benefit natural gas prices. Natural gas prices could see resistance at $3 per MMBtu. Prices hit this mark in April 2015.
The U.S. Energy Information Administration reported that supplies of natural gas rose 52 billion cubic feet for the week ended Oct. 30. That was less than the climb of between 55 billion cubic feet and 59 billion cubic feet forecast by analysts polled by Platts. Total stocks now stand at 3.929 trillion cubic feet, up 371 billion cubic feet from a year ago and 147 billion cubic feet above the five-year average, the government said. December natural gas was at $2.344 per million British thermal units.
Natural Gas Weekly Weather Outlook
November 6-12th: A weather system will track across the central US today with widespread showers, weakening the warm ridge of high pressure over the eastern US. The East Coast will see one warmer day with highs into the lower 70s into major NE cities, with 80s over the Southeast. As the central US system tracks eastward, it will open the door for cooler Canadian air into the Midwest and Northeast this weekend. However, warming will follow into the East next week as another Pacific storm with valley rains and mountain snows hits the West. Temperatures will cool over the eastern US late next week as the western US weather system tracks across the country. Overall, national nat gas demand will be MODERATE Friday-Sunday, then back to LOW early next week.
FxEmpire provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information in our weekly reports.
WEEKLY
Natural Gas Weekly Update
Release Schedule: Thursday between 2:00 and 2:30 p.m. (Eastern Time)
Weekly Natural Gas Storage Report
Release Schedule: Thursday at 10:30 (Eastern Time) (schedule)