# NYMEX gas futures top $7/MMBtu as market shrugs off bearish US storage predictions

> 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.

- Date: 2022-12-13 · published 2022-12-13T12:00:00.000Z
- Category: report · region US · magnitude low
- Page: https://feedsoft.ai/events/11509-nymex-gas-futures-top-7-mmbtu-as-market-shrugs-off-bearish-us-storage
- Commodities: [Natural Gas](https://feedsoft.ai/c/NATGAS.md)

## Why it matters

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.

## Read by commodity

- NATGAS: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| NATGAS | 2022-11-09 | [EIA: U.S. Winter Natural Gas to Average Above $6.00/MMBtu - Fuels Market News](https://feedsoft.ai/events/38862-eia-u-s-winter-natural-gas-to-average-above-6-00-mmbtu-fuels-market-news.md) | +20.4% | +2.3% |
| NATGAS | 2024-09-19 | [Natural Gas Futures Regain Footing as Bulls Win Tug-of-War After EIA Storage Print](https://feedsoft.ai/events/28491-natural-gas-futures-regain-footing-as-bulls-win-tug-of-war-after-eia-storage.md) | +14.4% | -0.4% |
| NATGAS | 2024-01-11 | [Natural Gas Futures Rise on Big Storage Withdrawal - WSJ](https://feedsoft.ai/events/4188-natural-gas-futures-rise-on-big-storage-withdrawal-wsj.md) | -11.3% | -41.9% |
| NATGAS | 2021-08-26 | [Natural Gas Futures Prices Surge to Near $4.20 on EIA’s ‘Very Tight’ 29 Bcf Storage Build](https://feedsoft.ai/events/45738-natural-gas-futures-prices-surge-to-near-4-20-on-eia-s-very-tight-29-bcf.md) | +14.4% | +25.1% |
| NATGAS | 2020-07-02 | [August Natural Gas Futures Jump After Lower Storage Injection, Signs of Stronger Demand](https://feedsoft.ai/events/11172-august-natural-gas-futures-jump-after-lower-storage-injection-signs-of-stronger.md) | +8.8% | +8.3% |

## Sources

- spglobal.com: https://www.spglobal.com/commodity-insights/en/news-research/latest-news/natural-gas/121322-nymex-gas-futures-top-7mmbtu-as-market-shrugs-off-bearish-us-storage-predictions

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.