Prices of natural gas futures banged higher on Thursday before the data that might show a weekly draw down for the fuel, while crude-oil futures moved back from the $100 per barrel level. In electronic trading, March natural gas increased 10 cents or 2%, to $4.91 per million British thermal units. The move came prior to the scheduled release of the US Energy Information Administration report, which analysts surveyed by Platts anticipate will show the natural gas supplies dropped between 228 billion cubic feet and 232 billion cubic feet for the week ended on February 7.
A fall in that range would exceed last year’s withdrawal of 152 billion cubic feet, as well as the five-year average of 162 billion cubic feet, based on EIA data. The EIA is slated to post its weekly update today at 10:30 a.m. EST.
Last week, natural-gas futures went down 2% after the EIA said commodity supplies decreased 262 billion cubic feet, lower than the projected decrement of between 273 billion cubic feet and 277 billion cubic feet. Energy investors on Thursday will also look for US retail sales data for January. Stronger consumer activity can signify a higher increase in energy demand.
Before the report, March crude oil went down 74 cents or 0.7%, in electronic trade to $99.63 per barrel. The contract on Wednesday finished greater in the New York Mercantile Exchange by 43 cents or 0.4%, at $100.37 per barrel. The market will also monitor the US weekly jobless claims, which may have dived to 330,000, previously 331,000.
Meanwhile, Brent crude oil to be delivered in March sank 39 cents or 0.4%, to $108.40 a barrel. The contract expires today. March gasoline slip 1 cent or 0.2%, to $2.75 per gallon, while March heating oil was still at $3.01 per gallon.
The material has been provided by InstaForex Company – www.instaforex.com
Prices of natural gas futures banged higher on Thursday before the data that might show a weekly draw down for the fuel, while crude-oil futures moved back from the $100 per barrel level. In electronic trading, March natural gas increased 10 cents or 2%, to $4.91 per million British thermal units. The move came prior to the scheduled release of the US Energy Information Administration report, which analysts surveyed by Platts anticipate will show the natural gas supplies dropped between 228 billion cubic feet and 232 billion cubic feet for the week ended on February 7.
A fall in that range would exceed last year’s withdrawal of 152 billion cubic feet, as well as the five-year average of 162 billion cubic feet, based on EIA data. The EIA is slated to post its weekly update today at 10:30 a.m. EST.
Last week, natural-gas futures went down 2% after the EIA said commodity supplies decreased 262 billion cubic feet, lower than the projected decrement of between 273 billion cubic feet and 277 billion cubic feet. Energy investors on Thursday will also look for US retail sales data for January. Stronger consumer activity can signify a higher increase in energy demand.
Before the report, March crude oil went down 74 cents or 0.7%, in electronic trade to $99.63 per barrel. The contract on Wednesday finished greater in the New York Mercantile Exchange by 43 cents or 0.4%, at $100.37 per barrel. The market will also monitor the US weekly jobless claims, which may have dived to 330,000, previously 331,000.
Meanwhile, Brent crude oil to be delivered in March sank 39 cents or 0.4%, to $108.40 a barrel. The contract expires today. March gasoline slip 1 cent or 0.2%, to $2.75 per gallon, while March heating oil was still at $3.01 per gallon.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: