U.S. Natural Gas Futures Steady Ahead of EIA Storage Report
U.S. natural gas futures remained largely unchanged on Tuesday as traders awaited the Energy Information Administration's (EIA) weekly inventory report scheduled for release at 10:30 a.m. ET. Market expectations indicate the report will show an above-average injection, further increasing the storage surplus and exerting downward pressure on prices due to weak weather-driven demand. Despite these bearish factors, some support is anticipated from robust LNG feedgas demand and potential supply disruptions in the Middle East. Dennis Kissler of BOK Financial noted that while technical indicators suggest a bearish structure for May contracts, external geopolitical risks could provide a floor. The Nymex May contract traded slightly up by 0.1% at $2.727 per mmBtu prior to the data release.
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U.S. Natural Gas Futures Steady Ahead of EIA Storage Report
U.S. natural gas futures remained largely unchanged on Tuesday as traders awaited the Energy Information Administration's (EIA) weekly inventory report scheduled for release at 10:30 a.m. ET. Market expectations indicate the report will show an above-average injection, further increasing the storage surplus and exerting downward pressure on prices due to weak weather-driven demand. Despite these bearish factors, some support is anticipated from robust LNG feedgas demand and potential supply disruptions in the Middle East. Dennis Kissler of BOK Financial noted that while technical indicators suggest a bearish structure for May contracts, external geopolitical risks could provide a floor. The Nymex May contract traded slightly up by 0.1% at $2.727 per mmBtu prior to the data release.
WSJ.com: Markets