Hot Commodities: Natural Gas Slumps Around 3%, Traders Eye US Weather Outlook

17 Oct 2022 , 12:48 PM

The Natural Gas futures slumped in Asian trades as a modest bounce in last session failed to hold on and the commodity tested a three month low. Natural gas is trading at $6.27 per mmbtu, down around 3% on the day. Prices have slipped amid demand concerns as the weather remains slightly warm across the major consuming regions. Market also remains in a wait and watch mode ahead of NOAAs Climate Prediction Centers U.S. temperature and precipitation outlook for winter ? December 2022 through February 2023. Meanwhile, the Energy Information Administration (EIA) reported a 125 Bcf injection for the week ending October 7, surpassing the the five-year 82 Bcf build average. Total US working gas in storage rose to 3,231 Bcf as of Oct. 7, which is 126 Bcf below year-earlier levels and 221 Bcf below the five-year average, according to EIA.Powered by Commodity Insights