Investing.com – ” Natural gas prices rose on Thursday after U.S. data revealed the country’s supply levels met expectations last week, while forecasts for a cool snap across the central and eastern U.S. also bolstered the commodity.
On the New York Mercantile Exchange, natural gas futures for delivery in December traded at USD3.519 per million British thermal units during U.S. trading, up 0.59%.
The commodity hit a session low of USD3.484 and a high of USD3.619.
The December contract settled up 0.92% at USD3.498 per million British thermal units on Wednesday.
Futures were likely to find support at USD3.381 per million British thermal units, Tuesday’s low, and resistance at USD3.787, the high from Oct. 27.
The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ending Nov. 1 rose by 35 billion cubic feet, broadly in line with forecasts though on the bullish end of the spectrum.
Inventories rose by 27 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a build of 36 billion cubic feet.
Total U.S. natural gas storage stood at 3.814 trillion cubic feet. Stocks were 112 billion cubic feet less than last year at this time and 57 billion cubic feet above the five-year average of 3.757 trillion cubic feet for this time of year.
The report showed that in the East Region, stocks were 98 billion cubic feet below the five-year average, following net injections of 10 billion cubic feet.
Stocks in the Producing Region were 111 billion cubic feet above the five-year average of 1.174 billion cubic feet after a net injection of 22 billion cubic feet.
Meanwhile, weather forecasting models called for below-normal temperatures to hover over the central and eastern U.S. next week, which gave natural gas prices added support.
Cooler temperatures hike the need for heating this time of year, boosting demand for natural gas at the nation’s thermal power generators.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in December were down 0.35% and trading at USD94.47 a barrel, while heating oil for December delivery were down 0.89% and trading at USD2.8442 per gallon.
Read more: http://www.nasdaq.com/article/natural-gas-gains-on-us-supply-report-chilly-weather-forecasts-cm297884#ixzz2k54tHCby