11/16/2012 9:03:48 AM | No Recommendation | 104 reads | Post #31786510
Even with Thursday's withdrawal, the amount of natural gas in storage stands at historically high levels. The amount of gas in storage is currently 1.8% above the level last year and 5.6% above the five-year average for this time of year.Fresh reports Thursday by private weather forecasters pointed to warmer temperatures in the six-to-10-day range, especially in the Midwest. Some models suggested a cooling trend in the 11-to-15-day trend.Some analysts cautioned against bidding natural gas prices higher given current forecasts."Despite the magnitude of this week's price spike, we will still caution against chasing this market higher given bearish temperature expectations that now stretch toward month's end," Jim Ritterbusch, head of the trading-advisory firm Ritterbusch & Associates, said in a note.Write to Jerry A. DiColo at jerry.dicolo@dowjones.com>
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