Natural gas futures fluctuated in New York amid speculation that government reports this week may show above-average U.S. inventory gains before colder weather boosts fuel use.
Gas moved between gains and losses before Energy Information Administration data tomorrow that may show supplies rose 78 billion cubic feet in the week ended Oct. 11, based on the median of 18 analyst estimates compiled by Bloomberg. The five-year average increase is 75 billion. Data for last week will be released Oct. 24.
“The injections will be what they have been recently, probably a little bit on the healthy side,” said Tom Saal, senior vice president of energy trading at FCStone Latin America LLC in Miami.
Natural gas for November delivery fell 1 cent to $3.763 per million British thermal units at 9:26 a.m. on the New York Mercantile Exchange. Trading volume was near the 100-day average. Gas has risen 12 percent this year.
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