Nat Gas News – February 3, 2017

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 In the News

WEC invests $230 million in natural gas storage site

Yahoo! Finance reports: The U.S. Energy Information Administration (EIA) reported Thursday morning that U.S. natural gas stocks decreased by 87 billion cubic feet for the week ending January 27. Analysts were expecting a storage decline ranging from 83 billion to 94 billion cubic feet. The five-year average for the week is a withdrawal of around 166 billion cubic feet, and last year’s storage decline for the week totaled 152 billion cubic feet. Natural gas inventories fell by 119 billion cubic feet in the week ending January 20. Shifting weather patterns over the past few weeks have taken natural gas prices from a recent high of around $3.50 down more than $0.30 per million BTUs. That volatility could continue as colder weather is forecast across the northern part of the country, along with milder temperatures in the West and South. Demand for the coming week is expected to be moderate. Stockpiles have now dropped to 8.9% below their levels of a year ago and risen to 2.2% above the five-year average. For more on this story visit finance.yahoo.com or click https://yhoo.it/2k2L6rC

Natural gas inventory now above 5-year average

Investing.com reports: U.S. natural gas futures were down for the third session in a row on Tuesday, falling to a three-week low amid forecasts for warmer weather in key regions across the U.S. during the next few weeks. The western, central and southern U.S., apart from the Northwest, will be mostly mild the next several days, dampening demand for the heating fuel. Further souring the mood, extended weather forecasting models showed that much of the U.S. is likely to become warmer than normal after February 11. Natural gas markets have been volatile in recent weeks, changing course rapidly in response to shifting outlooks in short-term weather patterns. Meanwhile, market participants looked ahead to weekly storage data due on Thursday, which is expected to show a draw in a range between 83 and 94 billion cubic feet. For more on this story visit investing.com or click http://bit.ly/2kPBLYb

 

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The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.

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