U.S. Natural Gas Keeps Rising as Snow, Storms Hit West Coast
(Bloomberg) -- U.S. natural gas futures fell as weather forecasts shifted milder, signaling weakening demand for the heating fuel.
Futures for January delivery fell 1% to $4.022 per mmbtu at 8:54 a.m. in New York on Tuesday. The contract surged 8.8% during the previous session.
- Latest weather forecast leans milder than in previous outlook from the Midwest to the East Jan. 2-6: Maxar
- Colder-than-normal temperatures are still expected in West, northern states
- Lower 48 dry gas production seen at ~97.2 bcf Tuesday, up 4.8% from a year ago
- Lower 48 total gas demand estimated at ~84.9 bcf, down 5.2% y/y
- Estimated gas flows to LNG export terminals ~12.5 bcf, down 3% w/w
- READ: European Gas Posts Longest Declining Streak in More Than a Year
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