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Natural Gas

Natural gas futures are trading lower shortly before the regular session opening on Monday, which likely means the week-end weather was warmer than expected, or there have been changes in this week’s forecast calling for more average temperatures over the near-term. It is also possible that production numbers are starting to come in higher than expected.

At 0945 GMT, December Natural Gas futures are trading $3.278, down $0.031 or -0.94%.

To recap last week’s U.S. Energy Information Administration report, on Thursday, the EIA announced an injection of 81 Bcf into storage for the week-ended October 12. This figure put the current national stocks at 3.307 Tcf. Inventories now stand 601 Bcf lower than year-ago levels and 605 Bcf lower than the five-year average of 3.642 Tcf.

Thursday’s number fell largely in line with the 83 Bcf build forecast by a consensus of analysts. The five-year average build for the same time period is 79 Bcf.

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