November natural gas prices registered a new high for the move in early US trading action but has since turned into negative territory. Trading volume was very active in yesterday's session, supported by a smaller than expected storage injection and calls from a global investment bank for higher prices into the first quarter of 2013. The EIA storage report showed an injection of 72 bcf last week, which was smaller than expected and helped to drive prices to their best level since December 27th. Total storage stands at 3,725 bcf or 7.8% above the 5 year average. Over the last four weeks natural gas storage has increased 296 bcf. The natural gas market might have drafted support from newly formed Tropical Storm Patty in the Atlantic, which is expected to move southeast toward Cuba over the weekend.
*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.
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