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Weather Pattern ‘In Limbo’ as Natural Gas Futures Called Slightly Higher Cooler trends in recent weather model runs boosted natural gas futures by a few cents in early trading Friday, while analysts pointed to signs of undersupply in the latest inventory data. The January Nymex contract was up 4.1 cents to $2.677/MMBtu at around 8:50 a.m. ET. The early gains for futures coincided with somewhat colder trends in the weather models over the previous 24 hours, Bespoke Weather Services said in a note to clients. However, the weather outlook remains “in limbo,” according to the firm. “The pattern is neither cold enough to be solidly bullish, nor is it warm enough to be solidly bearish,” Bespoke said. “The trend has been to increase cold risks around the Christmas holiday but back off somewhat on colder risks toward the turn of the new year. ....
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. ....