Natural Gas Slumps Near Three And Half Month Low

19 Oct 2022 , 12:19 PM

The Natural Gas futures continued to stay slippery as a drop under $6 per mmbtu triggered further losses in the commodity. The commodity tested a three month low and currently trades at $5.75 per mmbtu, almost unchanged 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