• Hopes for relief rally dashed by reported 49 Bcf withdrawal from storage, versus estimates for pull around 68 Bcf
  • March Nymex contract down 2.6 cents to $1.583/MMBtu as of 2:22 p.m. ET; 2025 strip also under downward pressure
  • A “ramp in renewable generation” plus supply changes “account for 2.4 Bcf/d of weather-normalized loosening” for latest storage sample period, according to Wood Mackenzie analyst Eric McGuire
  • Lower 48 storage surplus to five-year average up 100 Bcf to 348 Bcf with latest print
  • EQT Corp. management pushed back on oversupply concerns during 4Q2023 earnings call, suggested some estimates overstating production
  • “If we had just had normal weather, the market would be balanced right now…this sort of overarching view that the market is just so out of...