Natural gas prices dropped to a two years low on Wednesday, as the weather forecasts suggested temperatures will be above the average in the Eastern and Central of the United States for the next 10 days, fueling speculations of falling demand for natural gas as a heating fuel and putting prices under negative pressure as a result.
Traders will be following the EIA report closely on Thursday, where inventories are likely to provide prices with bullish momentum. Also, traders will continue to focus on weather developments, where weather forecasts suggest temperatures will be warmer than average over the coming period, and that could provide natural gas prices with bearish momentum.
Thursday December 15:
At 15:30 GMT, The EIA will release the weekly natural gas storage change for the week ending December 09, where expectations show that natural gas stockpiles decreased by 90 billion cubic feet, compared with the previous decrease by 20 billion cubic feet.