U.S. natural gas futures are stuck in a range as this week's hot weather lifts cooling demand, while abundant production and inventories keep a lid on gains. Weekly storage data due tomorrow from the EIA are expected to show an increase in the surplus over the five-year average. "Although we look for a stretch in the surplus to around 160 Bcf or more, we still expect this increase to be negated within a couple of weeks by temperatures that will likely remain above average into the middle of this new month," Ritterbusch & Associates says in a note. Analysts in a WSJ survey see an injection of 81 Bcf, compared with a five-year average storage build of 64 Bcf. Nymex natural gas settles down 1.7% at $3.220/mmBtu. (anthony.harrup@wsj.com)
Dow Jones Newswires
U.S. Natural Gas Futures Fall Ahead of Storage Data — Market Talk
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U.S. natural gas futures are stuck in a range as this week's hot weather lifts cooling demand, while abundant production and inventories keep a lid on gains. Weekly storage data due tomorrow from the EIA are expected to show an increase in the surplus over the five-year average. "Although we look f…