Natural gas futures plunged on Thursday, as investors await data which may reflect a fall in weekly supply. March natural gas dropped 12 cents or 1.9%, to $6.03 per million British thermal units in the electronic transactions.
The US Energy Information Administration is due to release today its weekly natural gas supply data. Analysts polled by Platts anticipated a decrement between 248 billion cubic feet and 252 billion cubic feet for the week ended February 14.
There was a draw of only 127 billion cubic feet in the same week last year. Based on most active contracts, natural gas jumped to a five-year peak on Wednesday, after reports the severely cold weather will keep on hitting parts of the US below-freezing temperatures have recently prodded stronger demand for natural gas as a heating fuel.
The March contract on Wednesday jumped 60 cents or 11%, higher at $6.149 per million British thermal units on the New York Mercantile Exchange. Futures prices for natural gas have gained about 44% so far this year, with prices in February alone hitting a 22% profit.
Analysts will also see for storage levels of natural gas went down below 1 trillion cubic feet by the end of the winter season. Meanwhile, oil futures were milder on Thursday, paring some of their gains from Wednesday when they increased on the cold weather forecasts as well. March crude oil was at 24 cents or 0.2%, at $103.07 per barrel in electronic trading. Crude concluded Wednesday’s regular session up 88 cents or 0.9%.
Oil futures, meanwhile, were softer Thursday, paring some of their gains from Wednesday when they rose on the cold-weather forecasts as well. March crude oil was off 24 cents, or 0.2%, at $103.07 a barrel in electronic transactions. Crude ended Wednesday’s regular session up 88 cents or 0.9%. The move lower for oil futures also succeeded a report reflecting the manufacturing sector in China, the world’s second bigger consumer of oil, condensed in February.
The final version of the February HSBC China PMI will be released on March 3. Crude supply data from the Energy Information Administration will also be released today at 11:00 a.m. EST.
On Wednesday, the American Petroleum Institute listed a 473,000 barrels decline in crude supplies for the week ended February 14, based on the data from sources. That plunge wasn’t anticipated, as analysts had been postulating 1.9 million barrels increase in crude supplies.
In other energy market action, Brent crude to be delivered in April sank 56 cents or 0.6%, to $109.91 per barrel. March heating oil slipped 1 cent or 0.3%, to $3.14 per gallon, and March gasoline missed 2 cents or 0.7%, to $2.81 per gallon.
The material has been provided by InstaForex Company – www.instaforex.com
Natural gas futures plunged on Thursday, as investors await data which may reflect a fall in weekly supply. March natural gas dropped 12 cents or 1.9%, to $6.03 per million British thermal units in the electronic transactions.
The US Energy Information Administration is due to release today its weekly natural gas supply data. Analysts polled by Platts anticipated a decrement between 248 billion cubic feet and 252 billion cubic feet for the week ended February 14.
There was a draw of only 127 billion cubic feet in the same week last year. Based on most active contracts, natural gas jumped to a five-year peak on Wednesday, after reports the severely cold weather will keep on hitting parts of the US below-freezing temperatures have recently prodded stronger demand for natural gas as a heating fuel.
The March contract on Wednesday jumped 60 cents or 11%, higher at $6.149 per million British thermal units on the New York Mercantile Exchange. Futures prices for natural gas have gained about 44% so far this year, with prices in February alone hitting a 22% profit.
Analysts will also see for storage levels of natural gas went down below 1 trillion cubic feet by the end of the winter season. Meanwhile, oil futures were milder on Thursday, paring some of their gains from Wednesday when they increased on the cold weather forecasts as well. March crude oil was at 24 cents or 0.2%, at $103.07 per barrel in electronic trading. Crude concluded Wednesday’s regular session up 88 cents or 0.9%.
Oil futures, meanwhile, were softer Thursday, paring some of their gains from Wednesday when they rose on the cold-weather forecasts as well. March crude oil was off 24 cents, or 0.2%, at $103.07 a barrel in electronic transactions. Crude ended Wednesday’s regular session up 88 cents or 0.9%. The move lower for oil futures also succeeded a report reflecting the manufacturing sector in China, the world’s second bigger consumer of oil, condensed in February.
The final version of the February HSBC China PMI will be released on March 3. Crude supply data from the Energy Information Administration will also be released today at 11:00 a.m. EST.
On Wednesday, the American Petroleum Institute listed a 473,000 barrels decline in crude supplies for the week ended February 14, based on the data from sources. That plunge wasn’t anticipated, as analysts had been postulating 1.9 million barrels increase in crude supplies.
In other energy market action, Brent crude to be delivered in April sank 56 cents or 0.6%, to $109.91 per barrel. March heating oil slipped 1 cent or 0.3%, to $3.14 per gallon, and March gasoline missed 2 cents or 0.7%, to $2.81 per gallon.
The material has been provided by InstaForex Company – www.instaforex.com
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