New York, Dec 10th (TradersHuddle.com) – Natural Gas is surging to an 11-month high, after a report from the Energy Department showed a bigger inventory decline than analysts expected.
Inventories declined 64 billion cubic feet in the week ended Dec. 4 to 3.773 trillion cubic feet. The contract for January delivery rose more than 6.5%. The US Nat Gas ETF (NYSE:UNG) jumped 6.92% to $9.74
The weather forecast is providing an additional boost to the surge, as below average temperatures are forecasted for the eastern part of the country and as far South as Texas for the next couple of weeks.
Separately, Anadarko Petroleum Corp. (NYSE:APC) jumped 2.82% to $58.72, as the second-largest producer of natural gas in the U.S. announced a discovery at the Lucius exploration well in Keathley Canyon, which the company operates with a 50% working interest.