Energy information Administration will release Natural Gas Storage data today at 0330 GMT.
According to Bloomberg forecast the storage is expected to fall by 271 billion cubic feet for the week ended 31st Jan compare to previous fall of 230 Bcf. If the result comes as estimated then it will be the third highest fall of this year.
In last week there was freezing cold at Northeast and Midwest U.S. The temperature was below average temperature. It could have led to high consumption of heating fuel. During last week on 29th Jan the Natural Gas prices reached at the high of $5.486. As measured by EIA, 49% households are using natural gas as heating fuel.
The commodity is always seen under high withdrawal between the periods of November to March. Prices also boosts with increase in demand.
We are expecting that with the inventory data release the commodity may gain to $5.80 and find support near to $5.29.