Natural Gas Trading Range For The Day Is 148.2-158

Natural gas trading range for the day is 148.2-158.

Natural gas gained on forecasts calling for a little colder weather in late January despite a government report showing a smaller-than-expected storage draw.

EIA said utilities pulled 44 billion cubic feet of gas from storage during the week ended Jan. 3, lower than the 53 bcf draw forecasted.

Meteorologists projected the weather in the Lower 48 states will turn to colder-than-usual from Jan. 16-18 before returning to normal.

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Natural Gas Slipped On Forecasts Confirming The Weather Will Turn Warmer

Natural gas trading range for the day is 156.6-166.

Natural gas slipped on forecasts confirming the weather will turn warmer than normal through the end of the year despite signs the new year could start with a cold snap.

Prices remained under pressure due to warmer than usual weather and expectations inventories will remain over the five-year average in coming months.

EIA said utilities pulled 107 billion cubic feet of gas from storage during the week ended Dec. 13.

Meteorologists projected the weather in the U.S. Lower 48 states will turn from colder than normal now to warmer from Dec. 22-29 before turning colder.

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Crude Oil Trading Range For The Day Is 4289-4407

Crude oil trading range for the day is 4289-4407.

Crude oil prices rose amid easing worries about outlook for energy demand on hopes the U.S. and China will soon sign the phase one trade deal.

U.S. crude stocks fell while gasoline and distillate inventories rose, the Energy Information Administration said.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 265,000 barrels in the last week, EIA said.

U.S. gasoline stocks rose by 2.5 million barrels in the week to 237.3 million barrels, the highest since March. Distillate.

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Natural Gas Daily Chart Has Formed “Descending Broadening Wedge” Pattern

Natural gas daily chart has formed “Descending broadening wedge” pattern. The last few sessions ended up in sideways trend inside the channel. 

The market is expected to continue on bullish momentum based on the price action, once the same breaks above a key resistance holding at 162. The upside rally could be testing all the way through 167-171 levels in the upcoming sessions. 

Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish once again. The downside rally could test up to 156 level. Key support holds at 156.

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Natural Gas Dropped On Forecasts For Less Heating Demand

Natural gas trading range for the day is 164.9-180.7.

Natural gas dropped on forecasts for less heating demand through the middle of December than previously expected.

Meteorologists now forecast the weather will remain at near normal levels before turning colder than usual on Dec. 10

Utilities likely pulled just 22 billion cubic feet of gas from storage during the week ended Nov. 29.

Gas production in the Lower 48 states slipped to a two-week low of 94.8 bcfd on Tuesday from 95.4 bcfd on Monday, according to Refinitiv.

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Natural Gas Dropped On Forecasts Of A Warmer Than Usual Weather

Natural gas trading range for the day is 159-182.6.

Natural gas dropped on forecasts of a warmer-than-usual weather and record production.

U.S. utilities pulled a much smaller-than-normal 28 billion cubic feet of gas from storage last week

The drawdown reduced total stockpiles to 3.610 trillion cubic feet, about 0.9% below the five-year average

U.S. dry natural gas production will rise to an all-time high of 92.13 billion cubic feet per day in 2019 from a record high of 83.80 bcfd last year.

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Crude Oil Gained As Positive Comments From The United States And China

Crude oil trading range for the day is 4108-4218.

Crude oil gained as positive comments from the United States and China rekindled hopes in global markets that the world's two largest economies could soon sign an interim deal. Wednesday, November 27, 2019

Global oil demand in the third quarter of 2019 grew by 1.1 million barrels a day, more than double the 435,000 barrels a day

OPEC crude production came in at 29.9 million barrels a day, down 2.5 million from the same period last year.

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Natural Gas Fell On Forecasts For Weather Over The Next Two Weeks

Natural gas trading range for the day is 180.4-196.2.

Natural gas fell on forecasts for weather over the next two weeks that will be warmer than previously expected.

Utilities likely pulled 79 billion cubic feet of gas from storage during the week ended Nov. 15, their first withdrawal of the November-March heating season.

Speculators last week cut their net short positions on the NYMEX and Intercontinental Exchange by 17,690 contracts to 69,145.

Gas production in the Lower 48 states held at 95.1 bcfd for a second day in a row, according to Refinitiv data.

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Crude Oil Trading Range For The Day Is 3942-4122

Crude oil trading range for the day is 3942-4122.

Crude oil dropped amid doubts over whether OPEC and other countries will continue to restrain output

OPEC Secretary-General Mohammad Barkindo said that the oil market outlook for 2020 may have upside potential, appearing to downplay any need for deeper cuts to production.

OPEC released its 2019 World Oil Outlook, in which the producer group said it would supply a diminishing amount of oil in the next five years.

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Natural Gas Rose As Investors Covered Shorts On Forecasts

Natural gas trading range for the day is 198.1-208.1.

Natural gas rose as investors covered shorts on forecasts for colder-than-usual weather over the next two weeks.

Data provider Refinitiv projected 367 heating degree days in the Lower 48 U.S. states over the next two weeks.

Utilities likely added a smaller-than-normal 45 billion cubic feet of gas to storage during the week ended Nov. 1.

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Natural Gas Extended Losses Following The Release Of A Federal Report Showing

Natural gas trading range for the day is 180.6-198.

Natural gas extended losses following the release of a federal report showing a slightly bigger-than-expected storage build last week.

Earlier in the session, the prices gained on forecasts calling for cold weather to blanket much of the country though mid-November.

EIA said utilities added a bigger-than-usual 89 billion cubic feet of gas to storage during the week ended Oct. 25.

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Natural Gas Prices Gained As Cold Weather Forecasts Offset Near Record Production

Natural gas trading range for the day is 156.1-166.5.

Natural gas prices gained as cold weather forecasts offset near record production and expectations the surplus of gas in storage will grow.

Over the next 6-10 days, the U.S. NWS forecast temperatures in the Lower 48 U.S. states would remain colder than usual west of the Mississippi River and warmer in the Southeast.

Utilities likely added a bigger-than-usual 91 billion cubic feet (bcf) of gas to storage during the week ended Oct. 18.

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Natural Gas Trading Range For The Day Is 159.5-168.7

Natural gas trading range for the day is 159.5-168.7.

Natural gas dropped weighed down by record production and forecasts for the weather to moderate over the next two weeks.

Gas output in the Lower 48 states has averaged a near record high of 92.8 billion cubic feet per day in the past 30 days.

The U.S. Energy Information Administration said utilities added 102 bcf of gas to storage during the week ended Sept. 20 verses 89-bcf build.

Utilities likely added 105 bcf of gas to storage during the week ended Sept. 27. That compares with an injection of 91 bcf during the same week last year.

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Natural Gas Fell Following The Release Of A Report Showing A Bigger

Natural gas trading range for the day is 165.7-186.7.

Natural gas fell following the release of a report showing a bigger-than-expected storage build.

EIA said utilities added 102 billion cubic feet of gas to storage during the week ended Sept. 20.

The increase boosted stockpiles to 3.205 trillion cubic feet, 1.4% below the five-year average of 3.252 tcf for this time of year.

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Crude Oil Prices Eased As Weak Manufacturing Data From Europe And Japan

Crude oil trading range for the day is 4012-4194.

Crude oil prices eased as weak manufacturing data from Europe and Japan focused market attention on the gloomy outlook for demand.

Saudi Arabia has restored more than 75% of crude output lost after the attacks on its facilities and will return to full volumes by early next week.

Saudi oil production from its Khurais plant is now at more than 1.3 million barrels per day, while current production from its Abqaiq plant is at about 3 mbpd.

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Crude Oil Gained After On Fresh Tensions In The Middle East

Crude oil trading range for the day is 4113-4259.

Crude oil gained after on fresh tensions in the Middle East after a key Saudi Arabian supply hub was knocked out in an attack last weekend.

Saudi Arabia's production dropped by almost half after an attack crippled a major oil processing facility.

In the United States, meanwhile, torrential rain from Tropical Storm Imelda has forced a major refinery to cut production and shut a key oil pipeline.

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Natural Gas Gained As Gas Followed The Oil Market Higher After Crude Jumped 15%

Natural gas trading range for the day is 184-197.

Natural gas gained as gas followed the oil market higher after crude jumped 15% following a weekend attack on Saudi Arabian oil facilities halved the kingdom's production.

Prices were also higher on forecasts for more cooling demand and liquefied natural gas exports this week than previously expected.

Projected demand in the lower 48 U.S. states would reach 85.4 billion cubic feet per day this week, up from its forecast of 84.9 bcfd.

Gas speculators cut their net short positions on the NYMEX and ICE by a record 84,427 contracts to 89,116 in the week to Sept. 10, their lowest since early June.

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Crude Oil Prices Dropped With Traders Taking Some Profits After Recent Strong Gains

Crude oil trading range for the day is 4061-4273.

Crude oil prices dropped with traders taking some profits after recent strong gains and looking ahead to weekly inventory reports.

Early on in the session gained on the hopes that OPEC and its allies may agree to extend an agreement to curb output in order to support prices.

OPEC oil output rose in August, gaining for the first month this year as higher supply from Iraq and Nigeria outweighed restraint by Saudi Arabia.

S&P Global Platts said it would launch new price assessments for U.S. crude for Asian buyers from Oct. 1, as the United States exports more oil to the East.

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Crude Oil Settled Flat On Worries About A Slowdown In Economic Growth

Crude oil trading range for the day is 3886-4020.

Crude oil settled flat on worries about a slowdown in economic growth and the impact on oil demand due to the trade war between the world's two biggest oil consumers.

Russia's Novak says Russia's august oil cuts will be slightly below those agreed with OPEC+

Russia's Novak says OPEC and NON-OPEC countries to discuss the deal and market situation at monitoring committee meeting on sept. 12

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Crude Oil Prices Jumped On The Expectation That Saudi Arabia

Crude oil trading range for the day is 3619-379

Crude oil prices jumped on the expectation that Saudi Arabia, and other producers OPEC may take action to support the market by reducing supply.

Saudis considering all options available to stop oil drop according to officials

A surprise build in U.S. crude inventories added to worries that the China-U.S. trade war could further dampen demand growth this year.

Crude oil imports to China, in July rose 14% from a year earlier as its new refineries ramp up purchases.

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