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NYMEX January natural gas futures settled above $6.93/MMBtu despite analysts expecting a 53 Bcf storage draw for the week ended Dec. 9, well below the five-year average.
The EIA storage report was expected to show the deficit to the five-year average narrowing to about 18 Bcf. Prices rose for a fifth straight session.
A smaller-than-normal storage draw implies a looser balance, which is bearish on its own, yet prices held higher on weather-driven demand expectations. The price action signals that weather forecasts are currently outweighing storage data.
spglobal.comDec 13, 2022After 74 past bullish report events, Natural Gas moved a median +1.3% over 5 sessions (55% higher; middle half -4.0% to +11.3%), and +2.1% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
