By Anthony Harrup
Natural-gas inventories likely saw an increase last week as warmer-than-normal weather across the U.S. kept a lid on demand, according to a survey by The Wall Street Journal.
The Energy Information Administration is expected to report that gas in storage rose by 34 billion cubic feet in the week ended Nov. 10, according to the average forecast of 11 analysts, brokers and traders.
Estimates range from an increase of 48 Bcf to a decline of 20 Bcf.
The expected inventory build follows what was likely a small draw on stocks the previous week when some colder weather pushed up heating demand.
The EIA didn’t release its natural-gas storage report last week because of a system upgrade, and is expected to include information for the week ended Nov. 3 on Thursday.
Natural gas in underground storage in the lower 48 states stood at 3.78 trillion cubic feet as of Oct. 27, which was 5.7% above the five-year average, according to the EIA.
Natural-gas futures for December were recently 4% higher at $3.231.
Write to Anthony Harrup at [email protected]
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