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U.S. Natural Gas Futures Ease from 7-Year High

Mohamed Abdelhamid 16 September, 2021 9:15 pm Commodities, General

Ahead of the official storage report, U.S. natural gas future contracts slipped on Thursday due to pressures by forecasts for estimated slightly lower demand next week.

The market took a breather from its recent racing ahead of the U.S. Energy Information Administration’s (EIA) weekly storage report.
There has been a significant racing over the previous two weeks, thus Thursday’s move is a small profit-taking ahead of the storage number.

“Working gas in storage was 3,006 Bcf as of Friday, September 10, 2021. This represents a net increase of 83 Bcf from the previous week. Stocks were 595 Bcf less than last year at this time and 231 Bcf below the five-year average of 3,237 Bcf. At 3,006 Bcf, total working gas is within the five-year historical range”, Thursday’s report said.

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