NYMEX natural gas gained more than 1% to trade near $3.2 per mmBtu levels. Supporting gas price is expectation of a smaller than average rise in gas stocks.
US EIA weekly report due today at 2000 IST is expected to note a 52 Bcf increase in US natural gas stocks. The 5-year average increase for the week is 77 Bcf.
A smaller than average rise in stocks will further widen deficit in US markets. US natural gas stocks currently stand at 3037 Billion cubic feet (Bcf) which is 16.5% lower than stocks same period last year and 16.6% below the 5-year average stocks for this time of the year.