Natural gas futures - weekly outlook: August 4 - 8

                     U.S. natural gas futures lost more than 1% on Friday, as demand for the fuel was likely to remain limited after meteorologists predicted mild summer weather in much of the U.S. through the next few days.

On the New York Mercantile Exchange, natural gas for delivery in September dropped 1.12%, or 4.3 cents, on Friday to settle the week at $3.798 per million British thermal units by close of trade.

Futures were likely to find support at $3.725 per million British thermal units, the low from July 28 and resistance at $3.890, the high from July 31.

Natural gas prices have been under heavy selling pressure in recent sessions after updated weather-forecasting models called for mild summer weather across much of the U.S. over the next several days.

Demand for natural gas tends to fluctuate in the summer based on hot weather and air conditioning use.

Despite Friday’s losses, Nymex natural gas prices tacked on 0.44%, or 1.7 cents, on the week, the first weekly gain in seven weeks.

Natural gas futures rallied almost 1.5% on Thursday after the U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 88 billion cubic feet, below expectations for an increase of 93 billion cubic feet.

Total U.S. natural gas storage stood at 2.307 trillion cubic feet as of last week, narrowing the deficit to the five-year average to 21.7% from 23.5% a week earlier and down from a record 54.7% at the end of March.

The EIA's next storage report is slated for release on Thursday, August 7, with analysts expecting a build of 87 billion cubic feet for the week ending August 1.

Inventories rose by 90 billion cubic feet in the same week a year earlier, while the five-year average change is a build of 49 billion cubic feet.

Data from the Commodities Futures Trading Commission released Friday showed that hedge funds and money managers significantly decreased their bullish bets in natural gas futures in the week ending July 29.

Net longs totaled 16,060 contracts, down 42.1% from net longs of 27,748 in the previous week.

Elsewhere on the Nymex, U.S. crude oil for September delivery settled at $97.88 a barrel by close of trade on Friday, down 4.12%, or $4.21, on the week.

Meanwhile, heating oil for September delivery slumped 1.57% on the week to settle at $2.866 per gallon by close of trade Friday. - investing.com

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Natural gas futures - weekly outlook: July 28 - August 1

            

                    U.S. natural gas futures ended Friday’s session close to an eight-month low, as demand for the fuel was likely to remain limited after meteorologists predicted mild summer weather in much of the U.S.

On the New York Mercantile Exchange, natural gas for delivery in August tumbled 1.72%, or 6.6 cents, on Friday to settle at $3.781 per million British thermal units by close of trade.

Natural gas futures fell to $3.744 on Thursday, the lowest since November 26.

On the week, Nymex natural gas prices lost 4.3%, or 17.0 cents, the sixth consecutive weekly decline.

Futures were likely to find support at $3.741 per million British thermal units, the low from November 26 and resistance at $3.886, the high from July 24.

Natural gas prices have been under heavy selling pressure in recent sessions after updated weather-forecasting models called for cooler temperatures across most parts of the heavily-populated Midwest and Northeast regions over the next ten days.

Demand for natural gas tends to fluctuate in the summer based on hot weather and air conditioning use.

Prices rallied more than 2% on Thursday after the U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 90 billion cubic feet, below expectations for an increase of 96 billion cubic feet.

The five-year average change for the week is an increase of 46 billion cubic feet.

Total U.S. natural gas storage stood at 2.219 trillion cubic feet as of last week, narrowing the deficit to the five-year average to 23.5%, down from a record 54.7% at the end of March.

Data from the Commodities Futures Trading Commission released Friday showed that hedge funds and money managers decreased their bullish bets in natural gas futures in the week ending July 22.

Net longs totaled 27,748 contracts, down 26.2% from net longs of 37,617 in the previous week.

Elsewhere on the Nymex, crude oil for September delivery settled at $102.09 a barrel by close of trade on Friday, up 0.13%, or 14 cents, on the week.

Meanwhile, heating oil for August delivery advanced 2.19% on the week to settle at $2.912 per gallon by close of trade Friday. - investing.com

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Crude Oil Continues To Climb While Brent Oil Range Trades

                              Currency traders seem to be moving to the sidelines along with metal traders as they are overpowered by the ongoing geopolitical stress, with news flow at its peak and no one really sure what is happening minute to minute. Iraq remains in a state of turmoil. The new cold war between the west and Russia continues to widen as the eurozone and the US threaten more sanctions against President Putin. Negotiations with Iran over their nuclear capabilities have been postponed for four months, but remain in a positive light. Global leaders are calling on Hamas to accept an Egyptian brokered cease fire with Israel, as missiles continue to fly across the border and the Israeli ground action continues in Gaza. Crude oil traders seem very confused as prices jump up and down in radical movements. Brent oil remains at the bottom of its trading range as global oil supplies seem to remain undisturbed.Crude oil on the other hand added 47 cents this morning to climb above the $103 price level. Washington and the United Nations demanded an “immediate ceasefire” in Gaza early Monday as Israel pressed an assault on the enclave, pushing the Palestinian death toll to 509. At an urgent meeting on Gaza, the UN Security Council urged an “immediate cessation of hostilities” in a call echoed by US President Barack Obama in a telephone conversation with Israeli Prime Minister Benjamin Netanyahu.

Global oil prices fell further on yesterday on concern about an escalation of the Ukraine crisis after the downing of a Malaysian airliner last week, analysts said. Brent North Sea fell 30 cents to $106.94 a barrel in London midday deals. New York’s benchmark West Texas Intermediate reversed 18 cents to $102.95 per barrel from Friday’s closing level.

With the U.S. and Europe saying Ukrainian separatists are being supported by Russia oil markets are concerned about more sanctions. “Any interruption in Russian crude-oil or product exports off the sanctions, or possible Russian reaction to the sanctions, would certainly be a larger supply issue for Europe than the U.S.,” Citi Futures analyst Tim Evans said. US and European sanctions against President Vladimir Putin’s government, threaten to widen the crisis. Russia is the world’s second-biggest crude producer, and there are concerns its standoff with the West over Ukraine could affect supplies. Ukraine is also a major conduit for Russian gas exports to Europe.

Russia is a large oil and gas supplier to China. It also supplies gas and a lot of fuel oil for China’s small refineries. China’s purchases of Russian oil and gas are unlikely to be hit by sanctions and the main affect will be higher prices on the back of supply risk for a few days with no real lasting impact, Singapore-based traders said.

Asia’s oil demand this summer also continues to be weak with low margins in the physical market and a persistent supply overhang, traders said. Refiners, particularly in the Gulf Coast and Midwest, have been buying more oil in order to pump out more petrol to meet higher summer driving demand. Traders are scrambling to settle commitments by Tuesday’s deadline for crude deliveries under the August WTI contract, analysts said.

Meanwhile, natural gas prices sank further below $4 to trade at 3.836 on forecasts for cooler temperatures in parts of the U.S. Natural gas supplies haven’t been dropping as quickly this summer, as milder temperatures compared with last year reduce the need for homeowners to run the air conditioning full tilt. - fxempire

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Natural gas edges lower on forecasts for U.S. summertime cool snap

           Natural gas futures edged lower on Monday after updated weather-forecasting models predicted below-normal temperatures to sweep in from Canada into the Midwest this week and trek east.

On the New York Mercantile Exchange, natural gas futures for delivery in August traded at $4.130 per million British thermal units during U.S. trading, down 0.40%. The commodity hit a session high of $4.172 and a low of $4.096.

The August contract settled down 0.63% on Friday to end at $4.146 per million British thermal units.

Natural gas futures were likely to find support at $4.096 per million British thermal units, the session low, and resistance at $4.356, the high from July 7.

A weather system similar to the Polar Vortex from last winter will bring below-normal temperatures to the U.S. Midwest and head east this week, which sent natural gas prices dipping on Monday.

Below-normal temperatures this time of year cut into demand for air conditioning, which curbs demand for natural gas.

Supply data from last week pressured prices as well, though bottom fishing prevented prices from plummeting and stabilized the commodity.

The U.S. Energy Information Administration said in its weekly report last Thursday that natural gas storage in the U.S. in the week ending July 4 rose by 93 billion cubic feet, above expectations for an increase of 92 billion cubic feet.

The five-year average change for the week is an increase of 72 billion cubic feet.

Total U.S. natural gas storage stood at 2.022 trillion cubic feet. Stocks were 653 billion cubic feet less than last year at this time and 769 billion cubic feet below the five-year average of 2.791 trillion cubic feet for this time of year.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in August were down 0.22% at $100.61 a barrel, while heating oil for August delivery were up 0.14% at $2.8650 per gallon. - investing.com

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Natural gas futures - weekly outlook: July 14 - 18

                  U.S. natural gas futures ended Friday’s session close to a six-month low, as concerns over tight supplies continued to fade away.

Natural gas futures ended Thursday’s session down 1.2%, or 5.0 cents, to settle at $4.120.On the New York Mercantile Exchange, natural gas for delivery in August fell to a session low of $4.106 per million British thermal units, the weakest level since January 10, before turning higher to settle at $4.146 by close of trade, up 0.63%, or 2.6 cents.

Futures were likely to find support at $4.106 per million British thermal units, the low from July 3 and resistance at $4.459, the high from July 2.

Nymex natural gas prices lost 5.06%, or 22.1 cents, on the week, the fourth consecutive weekly decline.

The U.S. Energy Information Administration said in its weekly report released Thursday that natural gas storage in the U.S. in the week ended July 4 rose by 93 billion cubic feet, above expectations for an increase of 92 billion cubic feet.

The five-year average change for the week is an increase of 72 billion cubic feet.

Total U.S. natural gas storage stood at 2.022 trillion cubic feet as of last week, 24.4% below their level this time last year and 27.5% below the five-year average.

Meanwhile, updated weather-forecasting models called for cooler temperatures across most parts of the heavily-populated Midwest and Northeast regions over the next five days.

Demand for natural gas tends to fluctuate in the summer based on hot weather and air conditioning use.

Data from the Commodities Futures Trading Commission released Friday showed that hedge funds and money managers significantly decreased their bullish bets in natural gas futures in the week ending July 8.

Net longs totaled 36,906 contracts, down 32.6% from net longs of 54,778 in the previous week.

Elsewhere in the energy complex, crude oil for August delivery settled at $100.83 a barrel by close of trade on Friday, down 2.83%, or $2.94 a barrel, on the week.

Meanwhile, heating oil for August delivery slumped 1.64% on the week to settle at $2.869 per gallon by close of trade Friday. - investing.com

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Natural gas hit 6-month lows on U.S. inventory report

                       Natural gas futures fell to six-month lows on Thursday after official data revealed U.S. stockpiles rose more than expected last week.

On the New York Mercantile Exchange, natural gas futures for delivery in August traded at $4.118 per million British thermal units during U.S. trading, down 1.26%. The commodity hit a session high of $4.189 and a low of $4.117.

The August contract settled down 0.81% on Wednesday to end at $4.170 per million British thermal units.

Natural gas futures were likely to find support at $3.953 per million British thermal units, the low from Jan. 10, and resistance at $4.356, Monday's high.

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ending July 4 rose by 93 billion cubic feet, above expectations for an increase of 92 billion cubic feet.

The five-year average change for the week is an increase of 72 billion cubic feet.

Total U.S. natural gas storage stood at 2.022 trillion cubic feet. Stocks were 653 billion cubic feet less than last year at this time and 769 billion cubic feet below the five-year average of 2.791 trillion cubic feet for this time of year.

Meanwhile, updated weather-forecasting models called for cooler temperatures stick around parts of the heavily-populated Midwest and Northeast regions over the next five days.

Below-normal temperatures send natural gas prices falling this time of year by fueling expectations for households to throttle back on their air conditioning.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in August were up 0.61% at $102.92 a barrel, while heating oil for August delivery were up 0.98% at $2.8994 per gallon. investing.com

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EIA Inventory Influencing Crude OIl & Natural Gas Prices

                       Crude oil is trading at 104.00 this morning surging on Wednesday evening after the release of the official EIA inventory. WTI oil prices gained by more than 1.5 percent in yesterday’s trading session and touched a one month high after the EIA report released last night showed large draw in commercial crude stocks, while renewed fighting in Libya that kept output low boosted Brent prices. Explosions and fighting were heard in Tripoli on Wednesday, two days after gunmen stormed parliament amid a surge in violence in the OPEC member country. National output in Libya edged higher to 230,000 barrels per day (bpd), up from 210,000 bpd on Monday but still a fraction of the 1.6 million bpd the country produced before the 2011 war. Two large oilfields were still shut 10 days after the government said protests there were over.

 The EIA released its weekly inventories report showing US crude oil inventories declined by 7.3 million barrels for the week ending on 16^th May 2014. Gasoline stocks rose by nearly 1 million barrels whereas distillate inventories rose by 3.4 million barrels for the same time period. Demand for crude, particularly gasoline usually increases during the month of June-Sep as US moves along its summer driving season which starts officially on the last Monday on May month. While refinery rates were little changed last week, traders feel as we near the summer season, consumption for gasoline would increase while refinery run rates too would rise.

Crude oil reached a one-month high on Wednesday, after the government reported a large draw in commercial crude stocks, while renewed fighting in Libya that kept output low boosted Brent prices. Brent oil rose 9 cents this morning to trade at 110.56. Libya’s major western oilfields remain closed 10 days after the government said protesters blocking pipeline flows had agreed to leave, while total oil output edged higher, a spokesman for National Oil Corp said on Wednesday.

TransCanada Corp is in talks with customers about shipping Canadian crude to the United States by rail as an alternative to its Keystone XL pipeline project that has been mired in political delays, Chief Executive Russ Girdling said on Wednesday.

 China’s April crude imports from Iran more than doubled from a year ago to a record of nearly 800,000 barrels per day (bpd), pushing imports in the first four months of 2014 above levels seen before tougher Western sanctions were applied in 2012.

Natural gas is trading at 4.483 in the green this morning but remaining in a tight range ahead of today’s EIA inventory release and lack of seasonal demand ahead of summer. U.S. natural gas futures ended down almost 2 percent on expectations for a bigger than normal storage build despite forecasts for much stronger than normal cooling demand. Analysts forecast utilities added 102 billion cubic feet of gas into storage last week, well above the year-before and five-year average builds of 90 bcf. The U.S. Energy Information Administration will release its gas storage report and inventories are expected to show a surplus. - Fxempire.com

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Natural gas gains on talk winter storm will pummel stockpiles

               Natural gas futures shot up on Wednesday as a powerful winter storm trekked across the southeastern U.S. and fueled expectations that snow, ice and freezing temperatures are taking their toll on stockpiles as homes and business crank up their heating.

The March contract settled up 5.35% on Tuesday to end at USD4.824 per million British thermal units.On the New York Mercantile Exchange, natural gas futures for delivery in March traded at USD4.932 per million British thermal units during U.S. trading, up 2.23%. The commodity hit session high of USD5.027 and a low of USD4.781.

Natural gas futures were likely to find support at USD4.564 per million British thermal units, Monday's low, and resistance at USD5.734, the high from Feb. 5.

Investors were betting that a powerful winter storm dumping snow and ice across the southeastern U.S. will prompt thermal power plants to burn more natural gas to meet demand, which should take its toll on the country's inventories.

The U.S. National Weather Service said that the southern part of the U.S. may get 1 to 3 inches (2.5-7.5 centimeters) of snow and sleet over the next three days, while the northeastern U.S. could see wintery weather as the system tracks towards the Atlantic.

Bullish speculators are betting that the winter storm will increase demand for the heating fuel.

The heating season from November through March is the peak demand period for U.S. gas consumption. Approximately 52% of U.S. households use natural gas for heating, according to the Energy Department.

Prices saw support amid speculation weekly supply data due on Thursday will show a larger-than-expected drop in U.S. natural gas inventories due to cold weather.

Early withdrawal estimates for this week’s storage data range from 225 billion cubic feet to 240 billion cubic feet. The five-year average change for the week is a decline of 162 billion cubic feet.

Total U.S. natural gas storage fell by 262 billion cubic feet last week to 1.923 trillion cubic feet, approximately 22% below the five-year average for this time of year and nearly 29% below last year’s unusually high level.

Natural-gas inventories have fallen sharply since November as frigid winter temperatures in the U.S. led households to burn a higher than normal amount of the fuel in furnaces to heat their homes.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in March were up 0.58% and trading at USD100.52 a barrel, while heating oil for March delivery were down 0.36% and trading at USD3.0172 per gallon. - investing.com

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Natural gas futures - weekly outlook: February 10 - 14

              U.S. natural gas futures fell sharply on Friday, as a break in the cold to milder weather prompted a 

correction in the market after a rapid price run-up which took prices to a four-year high earlier in the week.

The March contract tumbled 1.97% on Thursday to settle at USD4.931 per million British thermal units. Prices rallied to USD5.737 on Wednesday, the highest since January 2010.On the New York Mercantile Exchange, natural gas futures for delivery in March slumped to a session low of USD4.739 per million British thermal units, the weakest since January 31, before trimming losses to settle at USD4.775, down 3.16%.

Natural gas futures were likely to find support at USD4.652 per million British thermal units, the low from January 27 and resistance at USD5.018, the high from February 7.

On the week, Nymex natural gas prices lost 3.39%, the second consecutive weekly decline.

Natural gas futures were pressured on Friday after updated weather forecasting models pointed to moderating temperatures that would curb demand for the heating fuel.

Temperatures are expected to warm following the arctic chill that settled through most of the nation during January.

MDA Weather Services said it expects a "more aggressive warm up" in the Midwest by late next week, while a "more substantial warmth" will build over the central U.S. in its 11- to 15-day forecast.

Bearish speculators spent the session betting that milder weather will decrease demand for the heating fuel.

The heating season from November through March is the peak demand period for U.S. gas consumption. Approximately 52% of U.S. households use natural gas for heating, according to the Energy Department.

The U.S. Energy Information Administration said Thursday that natural gas supplies dropped by 262 billion cubic feet in the week ended January 31, compared to expectations for a decline of 270 billion cubic feet.

Total U.S. natural gas storage stood at 1.923 trillion cubic feet as of last week, approximately 22% below the five-year average for this time of year and nearly 29% below last year’s unusually high level.

Natural-gas inventories have fallen sharply since November as frigid winter temperatures in the U.S. led households to burn a higher than normal amount of the fuel in furnaces to heat their homes.

Data from the Commodities Futures Trading Commission released Friday showed that hedge funds and money managers reduced their bullish bets in natural gas futures in the week ending February 4.

Net longs totaled 151,338 contracts, down 11.5% from net longs of 171,029 in the previous week.

Elsewhere in the energy complex, light sweet crude oil futures for March delivery settled at USD99.88 a barrel by close of trade on Friday, up 2.39% on the week.

Meanwhile, heating oil for March delivery picked up 1.64% on the week to settle at USD3.048 per gallon by close of trade Friday. - investing.com

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Natural gas futures - weekly outlook: January 27 - 31

                U.S. natural gas futures soared nearly 10% to hit a four-year high on Friday, as frigid temperatures and snowstorms struck from the Midwest to the East Coast for the second time this month, tightening supplies.

On the New York Mercantile Exchange, natural gas futures for delivery in February rallied 9.56% on Friday to settle the week at USD5.182 per million British thermal units. 

Earlier in the day, Nymex gas prices hit a session high of USD5.246 per million British thermal units, the strongest level since June 2010.

The February contract settled Thursday’s session up 0.87% to end at USD4.730 per million British thermal units.

Natural gas futures were likely to find support at USD4.813 per million British thermal units, the low from January 24 and resistance at USD5.246, the high from January 24. 

On the week, Nymex natural gas prices surged 16.5%, the second consecutive weekly gain and the largest increase in nearly three years, after updated weather forecasting models called for fresh blasts of cold air to sweep across the U.S. through the end of January.

The U.S. National Weather Service said that it expected extreme cold conditions to continue in the heavily populated Midwest and Northeast over the next 14-days. 

Bullish speculators spent the session betting that colder weather will increase demand for the heating fuel.

The heating season from November through March is the peak demand period for U.S. gas consumption. Approximately 52% of U.S. households use natural gas for heating, according to the Energy Department.

The U.S. Energy Information Administration said Thursday that natural gas supplies dropped by 107 billion cubic feet in the week ended January 17. 

Total U.S. natural gas storage stood at 2.423 trillion cubic feet as of last week, approximately 13% below the five-year average for this time of year.

Natural-gas inventories have fallen by 1.411 trillion cubic feet since November 8 as frigid winter temperatures in the U.S. led households to burn a higher than normal amount of the fuel in furnaces to heat their homes.

Some expect supplies at the end of the winter heating season in March to be at their lowest in six years.

Wall Street investment bank Goldman Sachs lowered its forecast for inventory levels at the end of March to 1.39 trillion cubic feet earlier in the week, driven by the recent “polar vortex.” Goldman had previously estimated U.S. gas inventories at 1.61 trillion by the end of March.

Early withdrawal estimates for this week’s storage data range from 170 billion cubic feet to 239 billion cubic feet, compared to a drop of 191 billion cubic feet during the same week a year earlier.

The five-year average change for the week is a decline of 162 billion cubic feet.

Data from the Commodities Futures Trading Commission released Friday showed that hedge funds and money managers increased their bullish bets in natural gas futures in the week ending January 21.

Net longs totaled 154,643 contracts, up 17.2% from net longs of 128,072 in the previous week.

Elsewhere in the energy complex, light sweet crude oil futures for March delivery settled at USD96.64 a barrel by close of trade on Friday, up 2.12% on the week. 

Meanwhile, heating oil for February delivery climbed 3.47% on the week to settle at USD3.137 per gallon by close of trade Friday. - investing.com

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Natural gas posts fresh gains on expectations for bullish supply report

Natural gas futures rose for a fourth consecutive session on Wednesday amid hopes that Thursday's inventory data will reveal a recent winter storm that froze much of the U.S. has taken its toll on supplies.

On the New York Mercantile Exchange, natural gas futures for delivery in February traded at USD4.416 per million British thermal units during U.S. trading, up 1.06%. The commodity hit session high of USD4.431 and a low of USD4.335.

The February contract settled up 2.22% on Tuesday to end at USD4.369 per million British thermal units. Natural gas futures were likely to find support at USD4.119 per million British thermal units, Monday's low, and resistance at USD4.471, the high from Dec. 30.

A recent blast of frigid air sent temperatures falling dangerously low in recent days, and energy markets were betting Wednesday the weather system will reflect in Thursday's supply data.

Early withdrawal estimates for this Thursday’s storage data range from 250 billion cubic feet to 339 billion cubic feet. The five-year average change for the week is a decline of 159 billion cubic feet.

The largest drop on record is a decrease of 285 billion cubic feet in the seven days ended Dec. 13, Energy Information Administration data show.

Natural gas supplies fell by 157 billion cubic feet last week to hit 2.817 trillion cubic feet, approximately 16% below last year's unusually high level and nearly 10% below the five-year average for this time of year.

Meanwhile, updated weather forecasting models continued to predict below-normal temperatures in the week ahead for much of the U.S., which also pressured prices higher. 

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in March were up 1.82% and trading at USD94.47 a barrel, while heating oil for February delivery were up 1.76% and trading at USD2.9880 per gallon. - investing.com

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Natural gas futures - weekly outlook: November 18 - 22

                  Natural gas futures rose more than 1% on Friday to hit a three-week high, as updated weather forecasting models continued to point to colder than average temperatures in key gas-consuming regions in the U.S.

Bullish speculators are betting that colder weather will increase demand for the heating fuel. The heating season from November through March is the peak demand period for U.S. gas consumption.

On the New York Mercantile Exchange, natural gas futures for delivery in December advanced 1.53% on Friday to settle the week at USD3.660 per million British thermal units.

Nymex gas prices rallied to a session high of USD3.667 earlier, the strongest level since October 29. The December contract settled 1.09% higher on Thursday to end at USD3.605 per million British thermal units.

Natural gas futures were likely to find support at USD3.491 per million British thermal units, the low from November 14 and resistance at USD3.683, the high from October 29.

On the week, December natural gas prices rose 2.75%, the second consecutive weekly gain.

Updated weather forecasting models called for chilly temperatures across most parts of the eastern half of the U.S. during the next six-to-ten-days.

Forecasts originally called for mild weather during the period.

Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on early-winter heating demand. 

Meanwhile, U.S. supply levels also remained in focus. The U.S. Energy Information Administration said on Thursday that natural gas storage in the U.S. rose by 20 billion cubic feet, broadly in line with forecasts.

Inventories rose by 12 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a build of 19 billion cubic feet.

Total U.S. natural gas storage stood at 3.834 trillion cubic feet as last week, 2% below last year's unusually high level but 1.5% above the five-year average for this time of year.

Early withdrawal estimates for next week’s storage data range from 15 billion cubic feet to 41 billion cubic feet, compared to a 36 billion cubic feet draw during the same week a year earlier.

The five-year average change for the week is a decline of 2 billion cubic feet.

Elsewhere in the energy complex, light sweet crude oil futures for December delivery settled at USD93.84 a barrel by close of trade on Friday, down 0.8% on the week. 

Meanwhile, heating oil for December delivery rose 2.48% on the week to settle at USD2.941 per gallon by close of trade Friday. - investing.com

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Natural gas rises as weather forecasts point to chilly U.S. temperatures

                    Natural gas prices rose on Friday after updated weather forecasts continued to call for below-normal temperatures across parts of the eastern half of the U.S. over the coming days. 

On the New York Mercantile Exchange, natural gas futures for delivery in December traded at USD3.643 per million British thermal units during U.S. trading, up 1.05%. 

The commodity hit a session low of USD3.576 and a high of USD3.649.

The December contract settled up 1.09% at USD3.605 per million British thermal units on Thursday.

Futures were likely to find support at USD3.491 per million British thermal units, Thursday's low, and resistance at USD3.659, Wednesday's high.

A cold snap currently gripping portions of the eastern half of the U.S. will give way to warmer temperatures but only for a few days, when another blast of arctic air will coming swooping down from Canada next week.

Colder temperatures hike the need for heating this time of year, increasing demand for natural gas at the nation's thermal power generators.

Still, computers models predicted the cooler air mass won't dip as far south as previous runs indicated, which capped the commodity's gains.

Elsewhere, natgasweather.com reported that from Nov. 22-28, cooler temperatures may settle over the northern third of the U.S., with modestly cooler conditions pushing into portions of the central U.S. at times.

Elsewhere, markets continued to give weekly supply data cautious applause.

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended Nov. 8 rose by 20 billion cubic feet, in line with expectations for an increase of 21 billion cubic feet.

Inventories rose by 12 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a build of 19 billion cubic feet.

Total U.S. natural gas storage stood at 3.834 trillion cubic feet. Stocks were 80 billion cubic feet less than last year at this time and 58 billion cubic feet above the five-year average of 3.776 trillion cubic feet for this time of year.

The report showed that in the East Region, stocks were 93 billion cubic feet below the five-year average, following net injections of 10 billion cubic feet. 

Stocks in the Producing Region were 112 billion cubic feet above the five-year average of 1.185 billion cubic feet after a net injection of 12 billion cubic feet.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in December were down 0.06% and trading at USD93.70 a barrel, while heating oil for December delivery were down 0.07% and trading at USD2.9286 per gallon. - Investing.com

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Natural gas edges off earlier lows as supplies meet forecasts

                    Natural gas prices rose from earlier lows on Thursday after official data revealed that U.S. inventories rose in line with expectations, though forecasts for a break in a cold snap allowed for profit taking that pushed the commodity in negative territory.

On the New York Mercantile Exchange, natural gas futures for delivery in December traded at USD3.565 per million British thermal units dur

ing U.S. trading, down 0.04%. 

The commodity hit a session low of USD3.492 and a high of USD3.567.

The December contract settled down 1.41% at USD3.566 per million British thermal units on Wednesday.

Futures were likely to find support at USD3.381 per million British thermal units, the low from Nov. 5, and resistance at USD3.659, Wednesday's high.

Updated weather forecasts continued to call for below-normal temperatures over the next few days, though a warming trend will appear for parts of the country before a fresh blast of arctic air heads south later in November, according to www.NatGasWeather.com. 

Updated model runs predicted cold air to return to the northern reaches of the country, though it won't dip as far south as once expected, which watered down demand for natural gas.

Midler temperatures dampen the need for heating this time of year, cutting into demand for natural gas at the nation's thermal power generators.

Elsewhere, supply data offset the bearish weather forecasts, pushing prices in and out of positive territory.

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended Nov. 8 rose by 20 billion cubic feet, in line with expectations for an increase of 21 billion cubic feet.

Inventories rose by 12 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a build of 19 billion cubic feet.

Total U.S. natural gas storage stood at 3.834 trillion cubic feet. Stocks were 80 billion cubic feet less than last year at this time and 58 billion cubic feet above the five-year average of 3.776 trillion cubic feet for this time of year.

The report showed that in the East Region, stocks were 93 billion cubic feet below the five-year average, following net injections of 10 billion cubic feet. 

Stocks in the Producing Region were 112 billion cubic feet above the five-year average of 1.185 billion cubic feet after a net injection of 12 billion cubic feet.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in December were down 0.09% and trading at USD93.80 a barrel, while heating oil for December delivery were up 1.57% and trading at USD2.9432 per gallon. - investing.com

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