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Daily Fundamental Natural Gas Price Forecast - EIA Report Anticipated to Show 82 Bcf Withdrawal

Daniel Rogers

Dec 02, 2022 15:40

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Natural gas futures are inching up on Thursday, just before the government's weekly storage report is released at 15:30 GMT.

 

Yesterday marked the fourth session in a row in which the market closed lower, as mixed weather forecasts continued to weigh on investor sentiment. Also in charge were sellers, as Freeport LNG continued to provide no indication of when the processing plant would resume operations.

 

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In addition, the U.S. House of Representatives decided to prevent a nationwide train strike. A few of the weaker speculators, who had wagered that the strike would raise demand, liquidated their long holdings in response to this news.

 

At 11:53 GMT, natural gas futures for January are trading at $7.042, up $0.112 or 1.62 percent. Wednesday's closing price for the United States Natural Gas Fund ETF (UNG) was $21.23, down $0.91, or -4.11%.

 

According to NatGasWeather for December 1-7, "stronger national demand today through Friday in the aftermath of a frigid weather system that swept through the United States with lows in the 0s to 20s in the north and high 20s to 40s in the south, including 30s in deep Texas and the South."

 

Despite fresh cold injections into the Northwest and Northern Plains with rain, snow, and lows in the 0s to 30s, a milder pattern will return to the southern and eastern U.S. this weekend through early next week, with highs in the 50s to 70s for lighter national demand.

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