Natural gas climbs on second day amid inventory drop
February 12, 2014 9:34 am
The natural gas climbed on the second day despite speculation the US inventories of the heating fuel dropped more than its average last week, as cold hyped demand. Futures increased 4.2% in New York, prolonging its 5.4% profit yesterday. Analysts predicted supplies would drop by 232 billion cubic feet in the week ended February 7 prior to the Energy Information Administration data due tomorrow.
Gas to be delivered in March profited 20.4 cents to $5.028 per million British thermal units in the New York Mercantile Exchange, and was set at $4.926 at 3:25 p.m. (Singapore time). The volume of all futures listed was around 93% over the 100-day average. Prices have accelerated 16% this year. According to the National Weather Service, a possible historic winter storm perils to cover Georgia with ice before carrying massive snow to cities in the US northeast. New York can get about 8 inches (or 20 centimeters) of snow beginning late today, and Washington at least 5 inches, prior to the precipitation changes to rain.
Gas stockpiles have plunged 50% to 1.923 trillion cubic feet in the 12 weeks in January 31 period, the least degree for that period since 2004, EIA report show. About 49% of US households use the gas for heating, based on the Energy Department’s statistics division.
The material has been provided by InstaForex Company – www.instaforex.com
The natural gas climbed on the second day despite speculation the US inventories of the heating fuel dropped more than its average last week, as cold hyped demand. Futures increased 4.2% in New York, prolonging its 5.4% profit yesterday. Analysts predicted supplies would drop by 232 billion cubic feet in the week ended February 7 prior to the Energy Information Administration data due tomorrow.
Gas to be delivered in March profited 20.4 cents to $5.028 per million British thermal units in the New York Mercantile Exchange, and was set at $4.926 at 3:25 p.m. (Singapore time). The volume of all futures listed was around 93% over the 100-day average. Prices have accelerated 16% this year. According to the National Weather Service, a possible historic winter storm perils to cover Georgia with ice before carrying massive snow to cities in the US northeast. New York can get about 8 inches (or 20 centimeters) of snow beginning late today, and Washington at least 5 inches, prior to the precipitation changes to rain.
Gas stockpiles have plunged 50% to 1.923 trillion cubic feet in the 12 weeks in January 31 period, the least degree for that period since 2004, EIA report show. About 49% of US households use the gas for heating, based on the Energy Department’s statistics division.
The material has been provided by InstaForex Company – www.instaforex.com
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