What remains of the official natural gas inventory withdrawal season could be limited by the possible net injection into natural gas stocks for the week of March 8. Amid already swollen natural gas supplies, an early injection, although not unprecedented, could send natural gas prices reeling. In its upcoming storage report, the U.S. Energy Information…
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Relief Rally? Natural Gas Futures Climb as Light EIA Withdrawal Expected
After facing relentless selling pressure in recent sessions, natural gas futures pared some of those losses early Thursday as overnight weather models were seen shifting somewhat cooler. The March Nymex contract was up 2.9 cents to $1.638/MMBtu as of 8:38 a.m. ET. The front month on Wednesday probed as low as $1.590, testing a key…
Stout Pacific Storage, Steady Canadian Imports Restrain Western Natural Gas Prices
Mostly benign winter weather, robust U.S. production and ample imports of Canadian supply put Pacific region natural gas storage levels far above historical norms early in 2024, keeping prices in check. The U.S. Energy Information Administration (EIA) most recently printed a national storage withdrawal of 75 Bcf for the week ended Feb. 2. It paled…
Futures Slightly Higher as Natural Gas Traders Await Triple-Digit Storage Print
Natural gas futures inched higher early Thursday as traders prepared to digest the latest government inventory data, expected to show another strong January withdrawal. The March Nymex contract was up 1.2 cents to $2.112/MMBtu at around 8:41 a.m. ET. April was up 0.6 cents to $2.127. In the follow-up to last week’s record-challenging 326 Bcf…
Massive Withdrawal, Volatile Natural Gas Prices Punctuate Potential Storage Development Needs
The whopping 326 Bcf of natural gas that utilities pulled from storage in the third week of January amplified concerns that capacity may prove inadequate in coming years as U.S. production further escalates to meet global LNG demand. “As the size of North America’s gas market has ballooned in recent years, storage capacity expansions have…
Natural Gas Futures, Spot Prices Rally as Mild Forecasts Shed Warmth, Huge Draw Looms
Natural gas futures rose for a second day Wednesday, supported by still-mild weather forecasts shedding some of their spring-like warmth and a burst of technical momentum across the forward curve. At A Glance: Plus-300 Bcf storage draw expected Forecast remains warmest in 45 years Production rises to 103 Bcf/d Building on a 3.1-cent gain Tuesday,…
February Natural Gas Futures Mount Momentum, Rally Second Day; Spot Prices Spike
Natural gas futures found firmer footing Wednesday as looming winter weather trumped vigorous production volumes and expectations for another government report showing stout supplies in storage. At A Glance: Lean storage draw expected Mid-January freeze looms Production remains elevated Following a 5.4-cent gain to open regular trading for 2024 the day before, the February Nymex…
Nymex Natural Gas Futures Surge as January Contract Expires, February Set to Take The Lead
Nymex natural gas futures soared early in the regular trading session on Wednesday but gave back larger gains as revisions to weather forecasts sapped several days of heating demand. At A Glance: February futures up 1.8 cents Cold weather eyed for support Chill drives cash higher January futures ended its run as the front-month contract…
January Natural Gas Futures Rise After Larger Than Expected EIA Storage Withdrawal
The U.S. Energy Information Administration (EIA) on Thursday reported an 87 Bcf withdrawal from natural gas storage for the week ended Dec. 15. The draw was an upside miss against expectations and sent Nymex natural gas futures higher. January futures traded 3.0 cents higher day/day at around $2.477/MMBtu ahead of the 10:30 a.m. ET report.…
Natural Gas Futures Fail to Sustain Modest Momentum Amid Supply/Demand Imbalance; Cash Prices Climb
Natural gas futures advanced early on Wednesday but flipped negative and descended more as the session wore on, with benign weather demand, robust production and elevated supplies in storage overshadowing export strength. At A Glance: Modest withdrawal expected Production remains elevated LNG activity near record mark Coming off a 1.1-cent loss the prior day, the…