Natural Gas Futures Extend Gains After EIA Reports First Weekly U.S. Supply Decline of the Winter Heating Season

The U.S. Energy Information Administration reported Wednesday that domestic supplies of natural gas fell by 134 billion cubic feet for the week ended Nov. 16, marking the first weekly decline of the winter heating season.

Brokers and traders polled by The Wall Street Journal had forecast a decline of 110 billion cubic feet, on average. Data were released a day earlier than usual because of Thursday’s Thanksgiving holiday.

Total stocks now stand at 3.113 trillion cubic feet, down 620 billion cubic feet from a year ago, and 710 billion below the five-year average, the government said.

December natural gas NGZ18, +3.54% traded at $4.711 per million British thermal units, up 18.8 cents, or 4.2%, from Tuesday’s settlement. It was trading at $4.562 before the supply data. – Neal Bhai Reports (NBR)

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Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600

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