The Energy Information Administration (EIA) reported a monstrous 338 Bcf withdrawal from natural gas storage for the historically cold week ending Feb. 19, falling short of the all-time high but easily taking the second spot. April natural gas futures prices briefly bounced on the EIA figure, but anyone who blinked may have missed it. The…
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Latest Storage Data Highly Anticipated After Deep Freeze; Natural Gas Futures Called Slightly Higher
As traders and analysts awaited a full accounting from the latest government inventory data of last week’s deep freeze, natural gas futures were up slightly early Thursday. The April Nymex contract was up 1.0 cent to $2.805/MMBtu at around 8:50 a.m. ET. This week’s Energy Information Administration (EIA) storage inventory report, scheduled for 10:30 a.m.…
Warmer Forecasts, Returning Production Sink Natural Gas Futures Early
Natural gas futures were down sharply in early trading Monday, pressured by a warmer weather outlook and production coming back online following last week’s cold-related disruptions. The March Nymex contract was down 13.8 cents to $2.931/MMBtu at around 8:50 a.m. ET. Forecasts trended warmer over the weekend, showing a warmer than normal pattern for early…
Natural Gas Futures Close to Unchanged Early; ‘Bullish Setup’ as Massive Draw Expected
As traders and analysts contemplated the supply/demand balance implications of unprecedented disruptions in the natural gas system over the past week, futures prices hovered close to even in early trading Friday. The March Nymex contract was up 0.6 cents to $3.088/MMBtu at around 8:45 a.m. ET. Milder temperatures over the weekend and moderating prices in…
U.S. Petroleum Inventories Drop Again; Expectations Mount for Another Pull Following Texas Freeze
Domestic crude oil inventories dropped substantially for a second straight week for the week ended Feb. 12, the U.S. Energy Information Administration (EIA) said Thursday, as demand increased and production declined. Analysts said the surge in frigid weather that blasted the nation’s midsection this week and upended daily life in Texas – where energy infrastructure…
Nymex Natural Gas Futures Slip After EIA Disappoints with 237 Bcf Storage Draw
The Energy Information Administration (EIA) reported a 237 Bcf withdrawal from natural gas storage inventories for the week ending Feb. 12, not showing nearly as steep a drawdown as what had been expected by the market. Nymex natural gas futures were already sharply lower ahead of the EIA report and then fell even more once…
Weather Models Warm as Natural Gas Futures Retreat; ERCOT Makes ‘Significant Progress’ in Power Restoration
As overnight weather data shifted warmer, and as traders mulled the implications of an export ban out of Texas, natural gas futures pulled back a few cents in early trading Thursday. The March Nymex contract was down 4.3 cents to $3.176/MMBtu at around 8:50 a.m. ET. The major weather models trended warmer overnight, lowering demand…
Natural Gas Futures Called Higher as Analysts See ‘Conflicting Forces’ Amid Unprecedented Conditions
While energy markets were still reeling from the unprecedented conditions driving physical natural gas prices into the hundreds of dollars per MMBtu at hubs all over the country, futures price action appeared markedly more calm early Wednesday. After locking in a 21.7-cent gain in the previous settle, the March Nymex contract was trading 3.0 cents…
Natural Gas Futures Called Higher Early Amid ‘Excitement’ Over Intense Cold, Soaring Cash
Natural gas futures climbed in early trading Friday as surging physical prices and production freeze-offs illustrated the impact of frigid temperatures sweeping through the Lower 48. The March Nymex contract was up 5.7 cents to $2.925/MMBtu at around 8:45 a.m. ET. The weather models trended warmer overnight, according to Bespoke Weather Services. The firm attributed…
Record-Setting Cold Lifts Algonquin Natural Gas to $16, OGT Says Hold My Beer
Unfazed by the tumultuous weather pattern circulating throughout much of the United States for the next week or so, natural gas futures closed Thursday with a whimper. A big bearish miss on the latest storage data sealed March Nymex futures’ fate early in the session, with the contract ultimately slipping 4.3 cents to $2.868/MMBtu. April…