UPDATE: Natural Gas Storage Grows 30 bcf vs 33 bcf Expected
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(Updated - April 25, 2013 10:47 AM EDT)
Natural Gas inventory for the week ending April 19th grew by 30 bcf. Watchers were expecting a gain of 33 bcf, according to Bloomberg data. This compares to 31 bcf last week.
With total inventory well below the 5-year average, natural gas futures are holding steady near $4.20 per million btu. In the past 5-days, United States Natural Gas (NYSE: UNG) have declined 4 percent, trimming healthy monthly gains as forecasts called for mild weather next week. Traders are also watching how higher natural gas prices will impact coal-to-gas switching.
If weather cooperates, trader say tailwinds could hold prices above $4 as lingering concerns about last year's supply gut fade.
Natural Gas inventory for the week ending April 19th grew by 30 bcf. Watchers were expecting a gain of 33 bcf, according to Bloomberg data. This compares to 31 bcf last week.
With total inventory well below the 5-year average, natural gas futures are holding steady near $4.20 per million btu. In the past 5-days, United States Natural Gas (NYSE: UNG) have declined 4 percent, trimming healthy monthly gains as forecasts called for mild weather next week. Traders are also watching how higher natural gas prices will impact coal-to-gas switching.
If weather cooperates, trader say tailwinds could hold prices above $4 as lingering concerns about last year's supply gut fade.
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