Continuing its recent run of unpredictability, the Energy Information Administration’s (EIA) natural gas storage report for the week ended Nov. 21 once again shocked traders and analysts. The 66 Bcf withdrawal for the week was larger than most market watchers were expecting, which combined with a bullish winter weather forecast allowed January natural gas futures to close Wednesday at $6.878, up 49.2 cents from Tuesday’s finish.
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Futures Fall as Traders Get Their Positions Straight Ahead of Holiday
The recent unpredictability of energy futures markets was on display yet again Wednesday as crude and natural gas broke ranks to explore different price directions. August crude gained $2.60 to close at $143.57/bbl, while August natural gas dropped 11.6 cents to finish at $13.389.
July 3, 2008
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