U.S. Natural Gas Futures Hold Steady Ahead of Storage Data
Dow Jones08-06 02:45
1445 ET - U.S. natural gas futures edge up in rangebound trading ahead of the EIA's weekly storage report. Comfortable storage levels, with inventories more than 6% above the five-year average, have kept a lid on prices even with hot summer weather driving power-sector demand for gas. Analysts in a WSJ survey expect a 31 Bcf storage build for last week, which would extend the inventory surplus to 193 Bcf from 185 Bcf the week before. "A result below 30 Bcf could offer prices some support, but an in-line or larger build would reinforce the market's focus on elevated storage as summer demand approaches its seasonal decline," Gelber & Associates says in a note. Nymex natural gas settles up 0.2% at $2.688/mmBtu.
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