NatGas Prices Fall To Technical Bottom As Inventories Unexpectedly Rise, Warm Weather Looms

November 29, 2012

We examine the latest developments in the natural gas market.


Natural gas fell after the Energy Information Administration reported that operators injected 4 billion cubic feet into storage last week, above the 9 to 14 bcf withdrawal that most analysts were expecting.

The build was also bearish when compared with last year's withdrawal of 1 bcf and the five-year average withdrawal of 17 bcf.



In turn, inventories now stand at 3877 bcf, which is 26 bcf above the year-ago level and 184 bcf above the five-year average (calculated using a slightly different methodology than the EIA).




The weather last week was milder than normal. Moreover, the NOAA's 6- to 10-day outlook is once again calling for warmer-than-normal temperatures across the population-dense U.S. East Coast and Midwest. That will dampen demand for gas.


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