Natural gas futures showed minimal change as traders anticipated the release of the Energy Information Administration’s (EIA) inventory report.
The report is expected to reveal a significant withdrawal of 165 billion cubic feet from storage for the previous week, which is more than double the five-year average draw of 71 Bcf for the same week, based on a survey conducted by The Wall Street Journal.
Despite the expected large withdrawal, the Nymex front-month natural gas price dipped slightly by 0.2%, trading at $3.373 per million British thermal units (mmBtu).
In Europe, natural gas prices saw a decline during afternoon trading sessions as the market reacted to forecasts of milder weather. The benchmark Dutch TTF contract fell by 3.3%, landing at 43.22 euros per megawatt-hour, a decrease from recent highs above 49 euros.
Additionally, data from Gas Infrastructure Europe indicated that EU gas storage levels were at 80.88% capacity as of Tuesday, which is below the five-year seasonal average of 84%.
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