Natural Gas News – December 13, 2024
Natural Gas News – December 13, 2024
Cold Snap Boosts Demand, But Warm Weather Ahead Caps Gains
Cold snap grips Midwest, driving strong demand, but forecasts for milder weather ahead weigh on the futures market. EIA reports 190
Bcf gas storage withdrawal, exceeding the 5-year average of 71 Bcf, lifting market sentiment briefly. Futures are bound by $3.444
resistance and $3.118 support, with key technical indicators suggesting impending volatility. Demand spike fades as U.S. weather
warms next week. Milder weather forecast pressures natural gas futures. U.S. natural gas futures eased lower on Friday as traders
consolidated gains after a two-day surge driven by colder weather and a significant storage withdrawal. The lack of follow-through to the
upside reflects investor indecision, with the market awaiting a clear catalyst to sustain the rally. At 14:59 GMT, Natural Gas futures are
trading $3.348, down $0.107… https://tinyurl.com/7e27t6t8
Will EIA Report Confirm Bigger Draw Amid Cold U.S. Weather?
Natural gas futures drop as traders await the EIA report predicting a storage draw of -165 to -173 Bcf this week. EIA report suggests a
100 Bcf surplus reduction, with storage now 284 Bcf above the five year average at 3,937 Bcf. Frosty Midwest weather may drive demand, but milder conditions in the West and South temper bullish momentum. U.S. natural gas futures are trading lower Thursday,
retreating after briefly crossing the 200-day moving average of $3.376. This move, which failed to breach the key pivot level at $3.444, signals traders are taking profits and selling into rallies ahead of the Energy Information Administration (EIA) weekly storage
report. At 13:19 GMT, Natural Gas Futures are trading $3.305, down $0.073 or -2.16%. Current resistance remains at $3.376 and
$3.444, with a… For more info go to https://tinyurl.com/2ejru5ec
This article is part of Daily Natural Gas Newsletter
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