Natural gas prices closed largely flat in today's trade with light buying ahead of tomorrow's EIA weekly storage report which is expected to show a second withdrawal of winter 15-16.
Analysts' pre-report estimates vary from a 45-65 Bcf withdrawal with Dow Jones forecasting a 63 Bcf draw, well above last year's 47 Bcf withdrawal but slightly below the 5-year average of 65 Bcf.
Current gas in storage of 3,956 Bcf is near a record high reached in November with little change in upcoming bearish weather forecasts.
Weekly low support at 1.948 posted in late-October remains key support for the market basis the spot January contract with Monday's low bottoming out at 2.014.
Not much new in terms of news in the market today with storage due tomorrow at 9:30 am central and production due tomorrow afternoon in the Weekly Natural Gas Update issued by the EIA.
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