U.S. Natural Gas Futures Fall Ahead of Weekly Storage Data

Dow Jones03:38

1538 ET - U.S. natural gas futures give back most of yesterday's gains with production recovering and market focus turning to the EIA's weekly storage report due on Thursday. Analysts in a Wall Street Journal survey expect a 75 Bcf inventory injection, which is smaller than the five-year average and would lower the storage surplus to 53 Bcf from 68 Bcf the previous week. Firm LNG demand and higher natural gas use for electricity as solar and wind generation weaken are supportive, Gelber & Associates says in a note. "Colder weather this weekend should also lift heating consumption, although the same cooldown removes air-conditioning demand farther south and leaves the national demand outlook mixed."Nymex natural gas settles down 2.6% at $3.198/mmBtu.

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