Natural gas prices for December ’15 delivery turned higher on Thursday morning after the 0z GFS run showed 292.3 gas-weighted demand days, the highest total yet in the fall of 2015.
However, prices faded after the 06z GFS run only showed 260.7 gas-weighted demand days. Prices of the commodity for the December contract were at $2.286 per mmBtu early Thursday morning.
The price action comes ahead of the weekly gas storage report to be released by the U.S. Energy Administration (EIA) on Friday, November 13 instead of its traditional weekly reporting day of Thursday (due to government observance of Veteran’s Day Holiday).
The median estimate of industry analysts is for an injection of 49 Bcf. By comparison, the 2014 injection was 40 Bcf while the five-year average is 30 Bcf.
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