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NYMEX Jan gas up 7.3 cents at $3.098/MMBtu as colder weather forecast

London (Platts)--1 Dec 2017 921 am EST/1421 GMT


NYMEX January natural gas futures were higher in overnight US trading on forecasts of colder weather.

At 7:15 am EST (1215 GMT), the January contract was trading at $3.098/MMBtu, up 7.3 cents.

US National Weather Service forecasts are for below-average temperatures over small areas of the West and the bulk of the eastern two-thirds in both the six- to 10-day and eight- to 14-day forecasts.

Colder weather in the major heat-consuming regions in the central and eastern US should boost gas demand for heating, which should accelerate storage withdrawals.

The market declined Thursday after US inventories fell but at a lackluster rate during the week ended November 24. The US Energy Information Administration reported a net 33 Bcf withdrawal that left total working stocks at 3.693 Tcf, or 309 Bcf below a year earlier and 107 Bcf below the five-year average.




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