• Natural gas futures grinding lower through midday after on-target storage report
  • April Nymex contract off 7.5 cents to $1.854/MMBtu as of 2 p.m. ET; May down 8.4 cents to $1.988
  • U.S. Energy Information Administration (EIA) reported 40 Bcf withdrawal for week ended March 1
  • EIA print “pretty much at market expectations,” according to Wood Mackenzie’s Eric McGuire
  • Per McGuire: “Compared to degree days and normal seasonality, this week’s report is 1.7 Bcf/d loose versus the prior five-year average”
  • Lower 48 surplus to five-year average now at 551 Bcf; total Lower 48 working gas in storage at 2,334 Bcf, above five-year max of 2,077 Bcf, EIA data show
  • ICE End of Draw Index Future recently closed at 2,250 Bcf; End of Storage Index at 3,888 Bcf
  • Cash prices pulling back amid mild weather;...