U.S. Natural Gas Inventories Increase by 80 Bcf for Week Ending October 23
The U.S. Energy Information Administration (EIA) reported that natural gas inventories rose by 80 billion cubic feet (Bcf) for the week ending October 23. Total working gas stocks reached 3,724 Bcf, up from 3,644 Bcf the previous week. This build in supply coincided with a decline in Natural Gas Futures, which fell by 2.76% to $2.95/MMBtu. The market sentiment appears bearish, as hedge funds have reportedly placed their most significant short positions on U.S. natural gas in over six years.
Topics: commodity futures geopolitics natural gas storage oil prices
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Part of the story U.S. Natural Gas Inventories Increase by 77 Bcf for Week Ended October 16 (2 articles)