Key Takeaways:
- U.S. natural gas futures declined ahead of the EIA's weekly storage report.
- Analysts expect a 38 Bcf build, up from 32 Bcf the prior week.
- The report is due at 10:30 a.m. ET on July 30.
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Natural gas futures decline ahead of expected 38 Bcf storage build
Traders pared positions ahead of the EIA's weekly storage report, with analysts forecasting a 38 billion cubic foot injection into U.S. inventories.
U.S. natural gas futures edged lower Thursday as the market awaited the Energy Information Administration's weekly storage report, with analysts projecting a 38 Bcf build that would exceed the prior week's 32 Bcf injection.
The median estimate from analysts surveyed by MarketWatch pointed to a 38 Bcf increase for the week ended July 24, compared with the 32 Bcf build reported a week earlier. The report, due at 10:30 a.m. ET, will provide the latest snapshot of supply-demand balances heading into the peak summer cooling season.
Natural gas stockpiles have run above historical averages this year, a surplus that has kept prices under pressure. The front-month contract has declined in recent weeks as mild temperatures across key consuming regions tempered cooling demand, reducing the call on gas-fired power generation.
A larger-than-expected build could reinforce the bearish supply narrative, while a smaller injection may offer temporary support. The next monthly supply-demand outlook from the EIA is due in mid-August, and traders will watch for any shift in the production trajectory after a stretch of elevated output.
This article is for informational purposes only and does not constitute investment advice.
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