Natural Gas: –
Natural gas futures fell nearly one percent to the lowest since February 24 as the dollar index rose, following a basket of data from China and the US, including the EIA report that showed a larger-than-expected inventory drawdown. The US manufacturing PMI rose past expectations to 55.0 while the services PMI slowed down to 52.4 as business inventories fell 0.1% in line with expectations in October. Earlier this week, the Federal Reserve voted to increase interest rates by 25 basis points for the third time this year while updating their three-year forecasts for growth, inflation, unemployment, and interest rates. Today, the Energy Information Administration released its report on US natural gas inventories, which showed a drawdown of 69 billion cubic feet in the week ending December 8, compared to a buildup of 2 billion in the previous reading, while analysts expected a 55B drawdown. Now total stocks have reached 3.626 trillion cubic feet from 3.695 trillion in the previous reading, which is below the total of the same period in 2016 at 3.827 trillion, and also below the five-year average at 3.653 trillion.
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