Natural gas futures fluctuate with storm activity, stockpiles in focus
Investing.com
Published Oct 02, 2013 10:08AM ET
On the New York Mercantile Exchange, natural gas futures for delivery in November traded at USD3.603 per million British thermal units during U.S. morning trade, down 0.2%.
Nymex gas prices traded in a range between USD3.588, the daily low and a session high of USD3.646 per million British thermal units.
The November contract settled 1.4% higher at USD3.609 per million British thermal units on Tuesday.
Nymex gas futures were likely to find support at USD3.463 per million British thermal units, the low from September 26 and resistance at USD3.692, the high from September 24.
The National Hurricane Center said earlier that an area of low pressure could form into a tropical cyclone in the next 48 hours as it moves into the southern Gulf of Mexico.
Energy traders track tropical weather in the event it disrupts production in the Gulf of Mexico.
Meanwhile, extended weather forecasts pointed to colder temperatures across much of the U.S. starting in mid-October.
Demand for natural gas tends to fluctuate in the autumn based on cold weather and heating demand.
U.S. supply levels also remained in focus. Total U.S. natural gas storage stood at 3.386 trillion cubic feet as of last week, nearly 1% above the five-year average for the same week and approximately 5% below last year's unusually high level.
Early injection estimates for this Thursday’s storage data range from 82 billion cubic feet to 100 billion cubic feet, compared to a 77 billion cubic feet increase during the same week a year earlier.
The five-year average for the week is a build of 82 billion cubic feet.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in November inched up 0.4% to trade at USD102.44 a barrel, while heating oil for November delivery added 0.4% to trade at USD2.967 per gallon.
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Written By: Investing.com
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