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Natural Gas Ticks Higher After Storage Report

Wednesday, 21 Nov 2012 | 12:33 PM ET

Natural gas futures traded slightly higher following the release of its weekly storage report from the U.S. Energy Department.

Cameron Davidson | Getty Images

Natural gas storage level declined by 38 billion cubic feet (bcf), at the high end of range of estimates of analysts surveyed by Platts. Analysts were looking for a withdrawal between 17 and 39 bcf with a consensus estimate of a 23-27 bcf withdrawal. (Read More: Citigroup Says Commodity Super-Cycle Is Over)

December natural gas futures traded at a session high of $3.855 earlier today, the highest price of the year.

Traders say natural gas prices look poised to make a run for $4 mark, but gains may fade if the front month contract is unable to settle above the previous day's high over $3.84.

—By CNBC's Sharon Epperson; Follow Her on Twitter @sharon_epperson

Disclaimer

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  • Patti Domm

    Patti Domm is CNBC Executive Editor, News, responsible for news coverage of the markets and economy.

  • A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.

  • Sharon Epperson is CNBC's senior commodities and personal finance correspondent.

  • JeeYeon Park is a writer for CNBC.com. Follow her on Twitter: @JeeYeonParkCNBC

  • Rick Santelli joined CNBC Business News as an on-air editor in 1999, reporting live from the floor of the Chicago Board of Trade.

  • Senior Producer at CNBC's Breaking News Desk.

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