The seven-week low was on Wednesday in U.S. futures contracts, falling 3%, extending the losses of more than 8% recorded in yesterday’s session, as production increased and lower demand for heating is projected next week.
In Europe, however, gas prices are rising, erasing the losses of about 6% recorded earlier today. On Tuesday, gas prices on the Amsterdam Stock Exchange plunged more than 10% as Russia increased gas flows to Europe.
In the United States, the Energy Information Administration (EIA) said utilities boosted their stockpiles by 7 billion cubic feet (bcf) of gas during the week ended Nov. 5.
The increase was smaller than expected by analysts, who expected an increase of 10 billion bp, according to a Reuters poll, but greater than the increase of 2 billion bp. in the corresponding week last year.
However, this is the smallest increase in weekly stocks recorded in nine weeks.
However, the increase pushed the amount of US gas reserves to 3,618 trillion. cubic feet (tcf), or 3.2% below the five-year average of 3.737 trillion. etc. for the specific time of year.
Thus, December deliveries in the US fell 13.7 cents, or 2.8%, to $ 4,842 a million British thermal units (mmBtu), with the contract on track for the lowest close since September 22.
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