Natural Gas again hits 2.5 years high as winter storm becomes stronger at Northwest U.S.
The heating fuel started regaining the loss, occurred due to mild weather, from the second week of the month. Today the commodity made high of $5.96, level that was last seen before 3rd May,11.
Below average temperature may again trigger demand for heating fuel and inventories may deplete further. Winter storm is likely bring high snow fall at inland Northwest area and there could be snow fall of 4 to 10 inch, said a report of National Weather Services.
Tomorrow Energy Information Administration will release storage data at 1530 GMT. According to Bloomberg forecast the inventory may shrink by 261 billion cubic feet, second highest withdrawal of this month.
After the inventory release we are expecting Natural Gas to hit the level of $6.1. Tomorrow we may see record breaking level in Natural Gas price.