Natural Gas Slips After Falling Under $8 Per MMBTU Mark

30 Nov 2022 , 12:43 PM

The US Natural Gas futures slipped today, adding to recent losses as highs above $8 per mmbtu failed to sustain. The demand is expected to be fairly steady as the winter season progresses but recent slide in crude oil prices and sustained increase in the Natural Gas rigs is capping the gains in the counter. The US Natural Gas futures are currently quoting at $7.20 per mmbtu, down 0.50% on the day. The U.S. Energy Information Administration (EIA) reported a withdrawal of 80 Bcf natural gas into storage for the week ended November 18. This marked the first withdrawal of the season. The reduction last week lowered inventories to 3,564 Bcf. That compared with 3,626 Bcf a year earlier and the five-year average of 3,603 Bcf. While the inventories are tight in historical terms, the near term price action will likely take into consideration weather patterns and the general trend in risky assets. Powered by Commodity Insights