Natural Gas Holds Rebound after Storage Decline
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US natural gas futures are rebounding towards $4 per MMBtu, recovering from a two-month low of $3.76. Colder winter forecasts have increased heating degree days, prompting utilities to buy near-term futures. The EIA reported a 166 billion cubic feet decline in natural gas stocks for the week ending December 19, falling below the five-year average despite high production levels. This drop is attributed to increased demand for US LNG due to growth in export capacity and European sanctions on Russian gas. Front-month futures are projected to gain 10% this year.
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