Morning Natural Gas Market Report 9/28

November natural gas prices grinded higher during the initial morning hours making a test of yesterday's high in the process. Some traders pointed to an elevated amount of offline US nuclear capacity, currently running about 13% above the five year average, provided a source of support. However, mild US weather forecasts over the next six to 10 days present a headwind for natural gas demand. Yesterday's EIA storage data showed a larger than expected injection of 80 bcf, which was the largest for the year. Total storage stands at 3,576 bcf or 8.6% above the 5 year average. Over the last four weeks natural gas storage has increased 202 bcf.

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