Slightly Cooler December Outlook Boost Natural Gas Futures; Cash Higher Too
BREAKING: U.S. EIA reports a 91 Bcf withdrawal from natural gas storage inventories for the week ending Dec. 4, coming in above estimates
Cash rises on strong power burns
Natural gas futures bounced back midweek as the warmer forecast expected this month may be less intense than advertised. A tight supply/demand backdrop added support, lifting the January Nymex contract up 4.3 cents Wednesday to $2.442. February climbed 3.4 cents to $2.456.
Spot gas prices strengthened, but gains were fairly small across most of the country.
NGI’s Spot Gas National Avg. climbed 7.5 cents to $2.460.