Gas futures prices market watchers suggest weather-driven

Market watchers suggest weather-driven volatility could extend into March. Last Thursday's weekly EIA report was neutral for nat-gas prices since nat-gas inventories for the week ended September 19 rose +75 bcf, just above the market consensus of +74 bcf but below the 5-year weekly average of +76 bcf.  As of September 19, nat-gas inventories were up +0.5% y/y, and were +6.1% above their 5-year seasonal average, signaling adequate nat-gas supplies.  As of September 28, gas storage in Europe was 83% full, compared to the 5-year seasonal average of 89% full for this time of year. Natural gas futures rose on Tuesday as stronger spot prices and steady LNG demand outweighed muted weather-driven consumption. Market strategists observed gas futures prices breaking above short-term moving averages, a bullish technical sign. February deliveries at $2.78/MMBtu suggest momentum could carry toward $2.90 if cold weather persists.