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US Natural Gas rises on Cooler Weather Forecast

Mohamed Abdelhamid 24 November, 2021 10:19 pm Commodities, Market Update

US natural gas futures rose over 2% to a one-week high on Wednesday on forecasts for slightly cooler weather and higher heating demand over the next two weeks than previously expected.

That increase came even though near record output caused last week’s storage withdrawal to be smaller-than-usual, as expected.

The US Energy Information Administration (EIA) said utilities pulled 21 billion cubic feet (bcf) of gas from storage during the week ended Nov. 19, which was the first withdrawal of the 2021-2022 winter season.

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