Commodities
November Natural Gas Bounces Above $3.00 on Mild Weather Forecast
Natural gas futures bounced back above $3.00 in November after Thursday's EIA storage number, which was close to a wash at 64 Bcf injection for the week ended September 25.
The 1 Bcf overshoot of estimates and staying under the five-year average build is not enough to excite buyers. Working gas stood at 3,415 Bcf, 2.4% above the five-year seasonal average, but inventories are still 4.1% below a year ago.
The Appalachian pipeline outage had November bid last week, but the repair outlook erased that premium by Friday's low. Without any new demand drivers, the front month is left with elevated output and a storage cushion.