Stockpiles were over 12 percent below average for this time of year after a record draw last week during a brutal, prolonged freeze for much of the United States.
Forecast for gas demand in the lower 48 U.S. states for next week to 125.2 billion cubic feet per day from 124.5 bcfd on expectations of colder weather. Included in the consumption outlook are U.S. exports to Mexico and Canada via pipeline and the rest of the world as liquefied natural gas. U.S. sales abroad are projected to average 9.3 bcfd this week, up 13 percent from a year earlier.
U.S. natural gas speculators boosted their net long positions for a third week in a row, betting prices will rise as supplies tighten after utilities pulled record amounts of gas out of storage during the brutally cold days since Christmas.
Speculators in four major New York Mercantile Exchange (NYMEX) and Intercontinental Exchange (ICE) markets added to their bullish bets by 30,581 contracts to 142,678 in the week to Jan. 9, the U.S. Commodity Futures Trading Commission said.
As temperatures warm, allowing freezing wells to return to service, as projected production in the lower 48 U.S. states would increase to 75.1 bcfd on Friday from as low as 71.1 bcfd last week when the cold reduced output by as much as 8 percent from the record high of 77.5 bcfd on Dec. 26.
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