SoCal Records Steep Drop; NatGas Futures Still Rangebound

  • April contract settles at $2.667, down 1.6 cents
  • Weather guidance sees mix of cold, warm changes: NatGasWeather
  • Upcoming cold could be “bulls’ last shot,” says Price Futures Group’s Flynn
  • SoCal Citygate down 66 cents d/d as storage withdrawals help ease concerns over supply constraints: Genscape
  • Breaking: EIA reports a storage draw of 78 Bcf for the week ending Feb. 23
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Market Eyes Lean Storage as Natural Gas Futures Trade Near Even; Cash Down

  • April Settles at $2.683, down 0.3 cents, May up 0.1 cents to $2.712
  • Market finding support around $2.60 as lean inventories limit downside momentum, says Powerhouse’s Levin
  • Early estimates pointing to EIA withdrawal ~70-75 Bcf for week ending Feb. 23
  • EPNG force majeure affected about 100 MMcf/d of Permian volumes Tuesday, says Genscape
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SoCal Blowout Continues as Natural Gas Futures Bounce on Colder Outlook, Lean Storage

  • SoCal Citygate high reaches $28/MMBtu on higher demand, import constraints
  • SoCalGas demand ~4 Bcf/d, utility relying more on storage, notes Genscape
  • March futures up 4.3 cents to settle at $2.659
  • Prompt month “cheapest gas around,” traders maybe getting “head start” on injection, says INTL FCStone’s Saal
  • Breaking: EIA reports 124 Bcf draw for week ending Feb. 16
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