The energy market has taken notice, anticipating colder weather ahead and raising prices on heating fuel, despite a large supply injection. According to Citigroup, the number of heating degree days, or how often consumers need to use gas heat, will likely be 20% higher this November than the previous month’s 10-year average. [Natty’s Plunge Hits This ETF]
Last week, natgas producers added 91 billion cubic feet to stockpiles, or 5 bcf more than anticipated and more than double the typical addition for this time of the year, according to the U.S. Energy Information Administration.
NYMEX natural gas futures were up 1.8% Thursday, trading around $4.27 per million British thermal units.
United States Natural Gas Fund
For more information on the natural gas market, visit our natural gas category.
Max Chen contributed to this article.