Natural-gas futures will probably fall as mild weather cuts demand for the heating and power-plant fuel, delaying the start of annual storage withdrawals, a Bloomberg News survey indicates.
Eight of 17 analysts said the New York January futures contract will decline through Nov. 27. Four said gas will advance. Five others said there would be little change in prices. Last week, 54 percent of participants said gas futures would decline.
U.S. natural-gas stockpiles typically drop from November through March as demand for the fuel exceeds production and imports. Storage companies and utilities replenish supplies during the warm- weather months.
“Current near-term temperature forecasts suggest the first material withdrawal will occur during the week ending Dec. 4,” Scott Speaker, JPMorgan Chase & Co.’s natural-gas strategist in New York, said in a note to clients. Bloomberg News
