November natural gas prices hovered around unchanged levels throughout the overnight and early morning hours. Some traders suggested that the market came under pressure in yesterday's session following EIA storage data that showed a larger than expected injection of 77 bcf. This brought total storage to 3,653 bcf or 8.3% above the 5 year average. Over the last four weeks natural gas storage has increased 251 bcf. Another potential drag on the natural gas market could be moderating weather forecasts that are likely to tamp down heat-related demand.
*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.
Copyright CME Group All rights reserved.