Investing.com - U.S. natural gas prices edged higher on Wednesday, as market players looked ahead to the release of key weekly data on natural gas inventories due later in the session to gauge the strength of demand for the fuel.
The report comes out one day earlier than usual due to the Thanksgiving Day holiday in the U.S. on Thursday.
On the New York Mercantile Exchange, natural gas for delivery in January rose 3.0 cents, or 0.69%, to trade at $4.434 per million British thermal units during U.S. morning hours.
A day earlier, Nymex gas futures rallied 9.9 cents, or 2.3% to settle at $4.403 as heavy snow was expected to hit the U.S. East Coast during the next 24 hours, fuelling expectations for increased heating demand.
Futures were likely to find support at $4.227 per million British thermal units, the low from November 25, and resistance at $4.689, the high from November 21.
Wednesday's government report was expected to show a significant decline of 150 billion cubic feet for the week ending November 21, which would be a record stockpile withdrawal for the period.
The current record decline for the week is 148 billion cubic feet, while the five-year average change is a drop of 6 billion.
Elsewhere on the Nymex, crude oil for delivery in January lost 53 cents, or 0.72%, to trade at $73.56 a barrel, while heating oil for January delivery dipped 0.16% to trade at $2.344 per gallon.