By FX Empire.com
Natural gas prices slightly gained on Wednesday after fluctuating throughout the session as weather forecasts suggest temperatures will be below their average in some parts of the United States next week, which would increase demand for natural gas as a heating fuel. Nonetheless gains were limited ahead of Thursday’s EIA report for natural gas stockpiles, which is expected to show that stockpiles are approaching a record high.
The EIA report is expected to show that natural gas stockpiles increased by 70 billion cubic feet last week, compared with the prior increase of 92 billion cubic feet and double the five-year average increase for the week at 35 billion cubic feet, and that could put natural gas prices under pressure on Thursday.
Thursday November 03:
At 14:30 GMT, The EIA will release the weekly natural gas storage change for the week ending October 28, which is expected to show stockpiles increased by 70 billion cubic feet, compared with the prior increase of 92 billion cubic feet.
