Natural Gas Futures Show Minimal Change

Natural gas futures exhibited minimal fluctuations as traders awaited the release of the Energy Information Administration's (EIA) inventory report.

The report is anticipated to show a substantial withdrawal of 165 billion cubic feet from storage for the previous week, exceeding the five-year average draw of 71 Bcf for the same period, according to a survey by The Wall Street Journal.

Despite this expected large withdrawal, the Nymex front-month natural gas price slightly declined by 0.2%, trading at $3.373 per million British thermal units (mmBtu).

In Europe, natural gas prices also dipped during the afternoon trading sessions as the market responded to forecasts predicting milder weather. The benchmark Dutch TTF contract fell by 3.3%, settling at 43.22 euros per megawatt-hour, down from recent highs above 49 euros.

Moreover, data from Gas Infrastructure Europe reported that EU gas storage levels were at 80.88% capacity as of Tuesday, below the five-year seasonal average of 84%.

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