GAS PRICES DOWN TO $2.933
PLATTS - NYMEX January natural gas futures moved higher in US overnight trading before retracing their gains as traders consider supportive weather against bearish supply.
Colder weather outlooks for major heating regions support the upside, while the recent and impending lackluster pace of storage erosion is keeping downward pressure on the market. At 6:50 am ET (1150 GMT) the contract was 5.2 cents lower at $2.933/MMBtu.
Updated National Weather Service projections for the six-to-10-day and eight- to 14-day periods continue to show the US split between below-average temperatures over the entire eastern half and aboveaverage temperatures over the bulk of the West, with a narrow swath of average temperatures over the Central US.
Cold weather in store for the major heat-consuming regions in the East should boost demand and weekly stock withdrawals, but recent mild conditions have meant modest storage withdrawals.
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