Natural gas prices extended the losses on Wednesday, as weather forecasts suggested that temperatures will be at or above their average in the United States, which led to speculations of falling demand for natural gas as a heating fuel, putting prices under negative pressure as a result.
The EIA report for natural gas inventories will be released on Thursday, where the EIA report is expected to show that natural gas stockpiles decreased by 9 billion cubic feet.
Traders will continue to focus on weather developments, where weather forecasts suggest temperatures will be higher than average over the coming period, and that could put natural gas prices under pressure over the coming days. But the EIA report will play a major role in determining the direction of natural gas prices on Thursday.
Thursday December 08:
At 15:30 GMT, The EIA will release the weekly natural gas storage change for the week ending December 02, where the report is expected to show that natural gas stockpiles decreased by 9 billion cubic feet, compared with the prior drop by 1 billion cubic feet.