Natural Gas prices rebounded in yesterday’s session settled at 184.70 up by +0.49% following a larger than expected draw in natural gas inventories according to a report from the Department of Energy.
The weather is expected to become colder than normal over the next 6-10 and 8-14 days in the western portion of the United States but remain mild in the eastern section of the US. With only 9-days left in Hurricane seasons, there are no disturbances that are expected to become tropical cyclones over the next 48-hours according to NOAA.
The EIA reported on Thursday that natural gas stockpiles in storage was 3,638 Bcf as of Friday, November 15, 2019.This represents a net decrease of 94 Bcf from the previous week.Expectations were for natural gas inventories to decline by 49 Bcf according to survey provider Estimize. Stocks were 506 Bcf higher than last year at this time and 60 Bcf below the five-year average of 3,698 Bcf.
At 3,638 Bcf, total working gas is within the five-year historical range.The trajectory of the decline pushes the current levels of inventories back below the 5-year average for this time of year.The decline was based on very cold weather, but expectations are for the weather to remain mild, which should mitigate future draws in stockpiles.
