U.S. natural gas falls nearly 4% as warmer forecasts outweigh storage support
📉 U.S. November natural gas futures settled at 3.116 USD/mmBtu on October 16, down around 3.7%, reversing the previous session’s gains.
🌡️ Traders focused on warmer weather forecasts beyond a brief cold snap in the Northeast. Heating demand is expected to ease after the weekend, weighing on prices during the seasonal transition.
📦 Storage rose by 67 billion cubic feet last week, below forecasts of around 75–76 billion. However, inventories remained above the five-year average, limiting support from the smaller injection.
🔎 The decline suggests demand expectations are carrying more weight than the below-forecast storage build. Late-October temperature forecasts remain key to assessing the potential for a price recovery.
#NaturalGas $NATGAS $NAORIS
📉 U.S. November natural gas futures settled at 3.116 USD/mmBtu on October 16, down around 3.7%, reversing the previous session’s gains.
🌡️ Traders focused on warmer weather forecasts beyond a brief cold snap in the Northeast. Heating demand is expected to ease after the weekend, weighing on prices during the seasonal transition.
📦 Storage rose by 67 billion cubic feet last week, below forecasts of around 75–76 billion. However, inventories remained above the five-year average, limiting support from the smaller injection.
🔎 The decline suggests demand expectations are carrying more weight than the below-forecast storage build. Late-October temperature forecasts remain key to assessing the potential for a price recovery.
#NaturalGas $NATGAS $NAORIS