Natural gas futures are adding to yesterday’s modest gains ahead of the EIA’s weekly storage report. Overnight weather forecasts were mixed with some readings a little colder, but prospects remain for above-normal temperatures over the next two weeks, NatGasWeather.com says in a note.
Yesterday’s gains were more likely a technical bounce, with some help from the Fed that lifted commodities more broadly, the forecaster adds. Fed officials projected 75 basis points of interest-rate cuts in 2024. The EIA is due to release its weekly storage report at 10:30 a.m. EST, which is expected to show a below-average 50-Bcf draw on inventories, according to a Wall Street Journal survey. Natural gas for January delivery is up 2.1% at $2.384/mmBtu.
Touchstone Exploration Inc (LON:TXP) is a Canadian-based, international upstream oil and gas company currently active in the Republic of Trinidad and Tobago. Primera Oil and Gas is the Trinidadian subsidiary of Touchstone.
