Natural gas prices fell last week on speculations that natural gas stockpiles are approaching a record set last year ahead of the winter season and on signs economic growth is picking up some momentum. While the EIA report showed natural gas inventories increased by 78 billion cubic feet, slightly above estimates of 72 billion cubic feet.
Traders will be focused on the weather forecasts, where cold weather conditions are expected to increase demand for natural gas, and that could push prices higher, since demand for the heating fuel would increase as a result, but the fact that inventories are approaching a record high could still lead prices to fluctuate.
Highlights for this week that will probably affect the Natural Gas direction are:
Thursday November 10:
At 14:30 GMT, The EIA will release the weekly natural gas storage change for the week ending November 04, where the prior report showed that natural gas inventories increased by 78 billion cubic feet.
