NYMEX November gas dips 4.4 cents on ‘lackluster’ market after EIA data

29 Sep 2017   Prices

NYMEX November natural gas futures settled at $3.017/MMBtu, down 4.4 cents, as a lackluster market put pressure on the contract despite a lower-than-expected storage build from the US Energy Information Administration. EIA figures showed a 58-Bcf build to gas storage stocks for the week that ended Friday to reach 3.466 Tcf. The build was below the consensus of an S&P Global Platts survey of analysts indicating a 66 Bcf injection. “Those numbers look like they are on the bullish end of things and the market initially popped in reaction,” said Phil Flynn, senior market analyst for Price Futures Group, “but it’s looking like October is not going to be the shoulder month we expected. “We’re not seeing the demand and the market is not getting a boost from these numbers. The market is lackluster,” he said. Article continues below… After the EIA report was released, the November contract initially […]

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