U.S. Natural Gas Futures Decline Ahead of Storage Data
Dow Jones
Jul 30
0951 ET - U.S. natural gas futures are lower with the market awaiting the EIA's weekly inventory report due at 10:30 a.m. ET. The data is expected to show a larger-than-usual build extending the storage surplus over the five-year average. Although weather forecasts have turned a bit warmer, the surplus will keep pressure on prices, Dennis Kissler of BOK Financial says in a note. Some near-term positives remain, "with LNG demand at just over 18 Bcf a day and bargain hunting buyers believing upside value probabilities outweigh the downside at these price levels," he adds. Nymex natural gas is off 1% at $2.695/mmBtu.
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