1520 ET - U.S. natural gas futures fall after the EIA reports an above-average increase in storage for last week, raising the surplus over the five-year average to 228 Bcf. The first week of November, technically the first week of the winter season, has seen storage additions in 12 of the last 15 years, notes Blake Owen of Pinebrook Energy Advisors. "The main driver of the larger-than-normal build was the continuation of mild temperatures across the major gas consuming regions of the Midwest and East during the report week, which helped to limit heating demand," he says. "While prices were beginning to soften ahead of the report, the build coming in line with expectations helped send futures pricing lower on the day." The Nymex front month contract settles down 6.6% at $2.785/mmBtu. (anthony.harrup@wsj.com)
(END) Dow Jones Newswires
November 14, 2024 15:21 ET (20:21 GMT)
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